Ethereum Spot exchange-traded funds in the United States will likely launch legally at the end of June , according to analysts, after BlackRock updated the key filings required for the issuance.
On May 29, BlackRock updated the Form S-1 for iShares Ethereum Trust (ETHA) with the SEC, nearly a week after the agency approved its 19b-4 filing (both of which needed approval to ETF begins trading).
Bloomberg ETF analyst Eric Balchunas said in an X post on May 29.
Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat
— Eric Balchunas (@EricBalchunas) May 29, 2024
There will likely be another round to “refine” the SEC comments, but “a legal launch is likely to come by the end of June.” However, Balchunas kept his approval deadline rate at around July 4, adding that the likelihood of an earlier approval would be quite low.
Bloomberg ETF analyst James Seyffart said BlackRock's Form S-1 update is almost certainly the interaction we're looking for because it shows "issuers and the SEC are working to to the Ethereum ETF Spot launch.”
This is almost certainly the engagement we were looking for on the S-1's following the 19b-4 approvals. Issuers and SEC are working towards spot Ethereum ETF launches. https://t.co/xj3oyZvZEA
— James Seyffart (@JSeyff) May 29, 2024
BlackRock's revised Form S-1 provided information about the initial Capital investors and the entities distributing funds to the fund so it could begin trading.
On May 21, "an affiliate of BlackRock agreed to purchase $10,000,000 of shares on May 21, 2024, and on May 21, 2024 took delivery of 400,000 shares at a price per share portion is $25.00," the filing said.
The filing also states that the ETF will be listed and traded under the ticker “ETHA.”
This comes on the same day as a filing showed Hashdex withdrew its Ethereum ETF Spot application just one day after the SEC approved it along with BlackRock and seven other issuers. It appears that Hashdex no longer intends to move forward with a single Ethereum ETF.
Analysts expect ETFs to take ETH to new highs and speculate that Wall Street will use it as a bet on Web3 growth. Others speculate that ETH could face price pressure as the Grayscale Ethereum Trust (ETHE) could record up to $110 million in daily outflows in the first few weeks after it converted at a discounted rate. narrow.
VIC Crypto compiled
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