Bitwise, an asset management firm, has made a revision to its S-1 filing with the SEC in order to introduce a spot Ethereum exchange-traded fund (ETF) for listing and trading. Market analysts predict that the Ethereum ETF will be launched around July 8 or 15, pending the SEC’s review of the required filings.
In the world of cryptocurrency investments, significant developments are taking place amidst regulatory uncertainty and market volatility. Bitwise has taken a step forward by advancing its plans with the SEC to launch an ETF that focuses on spot Ethereum trading.
In a filing on July 3, Bitwise updated its SEC S-1 registration to propose the trading of shares for a spot Ethereum ETF, while also offering a six-month fee waiver for investments of up to $500 million. Although the specific details regarding the commencement of trading on NYSE Arca have yet to be confirmed, Bitwise aims to take swift action as soon as the S-1 becomes effective.
This move by Bitwise comes after the SEC granted approval for 19b-4 forms for eight Ethereum ETFs in late May, paving the way for potential market openings once the S-1 statements are cleared. However, the actual trading of these ETFs is dependent on the effectiveness of their S-1 statements, which has heightened anticipation in the market.
Bloomberg analysts Eric Balchunas and James Seyffart emphasize the ongoing regulatory review process. They expect other issuers to submit filings this week, indicating a coordinated effort to comply with regulatory requirements. Balchunas noted that Bitwise submitted its revised S-1 ahead of the July 8 deadline and mentioned that the SEC is taking its time to finalize approvals for spot Ethereum ETFs. However, he indicated that all indications point to a launch still scheduled for this month.
In addition, James Seyffart speculated that these ETFs could potentially be listed later next week or during the week of the 15th.
Amidst these developments, the Ethereum market is showing mixed signals, with a 4.5% decline in the past 24 hours, resulting in a drop to the $3,100 range. Despite the challenges faced by the market, the scheduled ETF launches remain a focal point for market participants, who anticipate potential listings later in July after receiving regulatory approval.
