The Block cited sources familiar with the matter, indicating that the issuer planning to launch an Ethereum spot ETF received comments on their S-1 filing from the U.S. Securities and Exchange Commission (SEC) last week. The issuer is required to make modifications to these documents and submit them by Friday.
According to previous reports by Zombit, the 19b-4 filing for the Ethereum ETF was approved in May, but they still need to wait for the S-1 filing to become effective before trading can begin. Currently, the documents are being revised and resubmitted to the SEC for further review until the SEC deems them ready.
A source from one issuer stated that the recent round of comments was “reasonable,” and they expect approval soon. Another source from a different issuer described the comments as only requiring minor adjustments.
“I anticipate you will see people file this week quickly, and then we’ll see how many rounds of back and forth are needed.”
Bloomberg Senior ETF Analyst Eric Balchunas posted on Twitter claiming he heard similar comments regarding the progress of the S-1 filing and adjusted his prediction for the launch date of these products to July 2. He noted that this is just a best guess.
The SEC has not clearly stated when they will approve the S-1 form, but SEC Chairman Gary Gensler previously hinted that approval could come at some point this summer, later adding in an interview that the timing of approval will largely depend on how quickly issuers respond to institutional feedback.
It is currently unclear what impact an Ethereum ETF listing will have, but some analysts predict that it could attract approximately 20% of the fund inflow that a Bitcoin ETF would.
