BlackRock has submitted a revised S-1 form for its upcoming spot Ethereum ETF, signaling a possible launch by late June in the United States. The approval of BlackRock’s 19b-4 filing by the Securities and Exchange Commission (SEC) has paved the way for the ETF’s launch, with analysts suggesting a positive outlook for the future.
ETF analyst Eric Balchunas from Bloomberg is optimistic about the progress, anticipating a potential launch by the end of June. However, he still estimates the odds of approval around July 4th. Another Bloomberg analyst, James Seyffart, noted that BlackRock’s updated S-1 form showcases the engagement between issuers and the SEC, indicating a step forward in launching spot Ethereum ETFs.
The updated filing by BlackRock also revealed details about the seed capital investor for the iShares Ethereum Trust, with a BlackRock affiliate firm purchasing $10 million worth of shares on May 21, 2024. Meanwhile, Hashdex, another issuer seeking approval for a spot Ether ETF, has withdrawn its application following the SEC’s approval.
Analysts predict that the introduction of Ethereum ETFs will lead to an increase in the price of ETH, seen as a Wall Street bet on the growth of Web3. However, there are concerns about potential price pressure on ETH due to the Grayscale Ethereum Trust (ETHE). Despite this, the recent approval of Ethereum ETFs has opened doors for more crypto investment products, according to research from TD Cowen’s Washington Research Group.
The approval of spot ETH ETFs potentially confirms Ether’s status as a non-security, according to industry experts. The speed of approval caught some off guard, but was seen as an inevitable outcome following the approval of Bitcoin ETFs earlier this year. Jaret Seiberg from TD Cowen’s team noted that the approval of Ethereum ETFs came earlier than expected, but was predictable after the SEC’s green light on crypto futures ETFs.
