Bloomberg ETF analysts are moving up their expected Spot Ether ETF launch date to July 2nd, according to analyst Eric Balchunas. Following reports of the SEC staff giving S-1 responses to ETF issuers, Balchunas doesn’t expect the approval to face significant delays.
According to Balchunas, the SEC’s comments on S-1s are “pretty light,” and “nothing major.” The analyst says the SEC is asking for the S-1 form revisions to be returned in a week. Furthermore, the ETF analyst says there is a “Decent chance they work to declare them effective the next week.” The SEC reportedly can finalize the approvals before the Independence Day holiday weekend, however, “anything is possible.”
This is a much sooner expectation than recently predicted by the SEC chair, Gary Gensler. Earlier this week, Gensler said the regulator should fully approve Spot Ether ETFs by September. The first round of Spot Ethereum ETF approvals came at the end of May 2024. The ETH ETF approvals were a surprise to the digital asset market as a whole. The SEC had long resisted the approval of the crypto-based exchange-trade product, despite the success of a Spot Bitcoin ETF following its January approval.
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What Else Do Ether ETFs Need From The SEC Before Launch?
Source: Ethereum World News
With Ethereum ETF 19b-4 forms approved, issuers must wait for their S-1 forms to be approved before trading of the assets can commence. These forms are necessary to offer new securities publicly. With the latest development of S-1s being reviewed, the July 2nd over/under estimate is indeed possible. To further fuel that potential, the SEC committed to a quick 180 pivot in May when changing its mind on passing Ether ETFs initially. Indeed, after Gensler’s declaration, this may happen again, indicating a sooner passage of the ETFs this summer.
Upon full approval and launch of Ethereum ETFs, Ether is expected to boom dramatically just as Bitcoin did. At press time, Ethereum is trading at over $3,500. With ETF approval, the second-leading crypto asset by market cap may boom to all-time highs. Some price predictions see the asset reaching as high as $5,000-$10,000 this summer.