In Brief

Asset manager Bitwise recently updated its S-1 filing for its spot Ethereum exchange-traded fund (ETF).

The regulator approval process for this ETF remains critical, with industry experts closely monitoring developments.

Bitwise’s Latest Filing Signals A Step Closer to Spot Ethereum ETF Listing

Bitwise submitted its updated S-1 form to the US Securities and Exchange Commission (SEC) on Wednesday. The firm’s latest filing includes a six-month fee waiver plan for up to $500 million. This move mirrors the strategy of VanEck, another potential spot Ethereum ETF issuer, which has also introduced a fee waiver for its ETF until 2025 or until the fund reaches $1.5 billion in assets.

However, Bitwise’s updated S-1 form does not specify an exact launch date for the listing and trading on the New York Stock Exchange (NYSE) Arca. The form only stated that it will happen “as soon as practicable after the effective date” of the registration.

BeInCrypto reported that Bitwise had also updated its S-1 form earlier in June. In its June update, the asset manager revealed details of the creation and redemption process for its Ethereum ETF shares. Additionally, it disclosed that Bitwise’s affiliate plans to buy initial baskets of shares valued at $2.5 million and venture capitalist Pantera Capita’s interest in purchasing up to $100 million shares.

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Analysts have been closely monitoring the developments around the potential launch of the spot Ethereum ETF. James Seyffart, an ETF analyst at Bloomberg Intelligence, pointed out that the recent amendments to Bitwise’s S-1 filing were minimal. He suggested that the ETFs could be ready for listing within a few weeks.

“We’ve got another amended S-1 from Bitwise for their Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of June 15 at this point,” Seyffart wrote on his X (Twitter).

Eric Balchunas, another ETF analyst at Bloomberg Intelligence, echoed similar sentiments. He mentioned that Bitwise’s early filing could indicate a swift response to SEC comments despite the overall slow pace of approval.

“Could be one ‘problem’ issuer slowing down the process or just summertime lazy, or people on vacation. Not sure. That said, all indications launch still on for this month. More details to come next week,” Balchunas said.

Market Watchers Eagerly Await SEC’s Final Approval

Industry experts believe the introduction of a spot Ethereum ETF is poised to impact the crypto market substantially. Ryan Lee, Chief Analyst at Bitget Research, highlighted the growing demand for spot Ethereum ETFs.

“The demand for spot Ethereum ETFs has grown significantly since the SEC greenlighted the 19b-4 forms from issuers. This initial green light serves as a positive catalyst that might validate the $5 billion inflow projection,” Lee told.

The SEC’s approval process remains critical for these ETFs to commence trading. While the SEC has approved the 19b-4 forms, issuers still need their S-1 forms approved to proceed. Unlike the 19b-4 forms, the S-1 form does not have a specific deadline, adding an element of uncertainty to the launch timeline.

Gary Gensler, the SEC Chairman, recently stated that the spot Ethereum ETF would likely launch this summer. During an interview at the Bloomberg Invest Summit, he emphasized the rigorous scrutiny of the approval process to ensure compliance with all regulatory requirements. Gensler noted that the process is about ensuring asset managers make full disclosures to make the registration statements effective.

As the crypto market eagerly anticipates the potential launch of the first spot Ethereum ETF, the strategic moves by Bitwise and other issuers highlight the growing interest and confidence in Ethereum as a valuable investment asset. The successful listing of these ETFs could pave the way for further innovation and acceptance in the financial markets, offering investors new opportunities to engage with digital assets.