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BlackRock's recent update to its Form S-1 for an Ethereum ETF signals a "legitimate possibility" of a June launch, according to analysts. The move follows SEC approval of key filings, indicating potential coordination between issuers and the regulator.
Analysts Predict Late June Launch for Ethereum ETFs as BlackRock Updates Crucial SEC Filing
In a recent report by Cointelegraph, analysts believe that spot Ether exchange-traded funds (ETFs) in the United States have a "legitimate possibility" of launching by late June, following BlackRock's update of a crucial filing required for launch.
Almost a week after the regulator approved its 19b-4 filing, BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission on May 29; approval of both documents is necessary for the ETF to commence trading.
“Good sign. [Probably] see rest roll in soon." Bloomberg ETF analyst Eric Balchunas said in a May 29 X post.
He added that another round of SEC comments, "fine tune," is probable but that an "end of June launch [is] a legitimate possibility." Although Balchunas maintained his estimation of approval for approximately July 4, stating that an earlier approval would be a "long shot."
James Seyffart, an ETF analyst at Bloomberg, stated that BlackRock's revised S-1 is "virtually the engagement we were seeking" because it demonstrates that "issuers and the SEC are coordinating on spot Ethereum ETF launches."
BlackRock's Affiliate Invests $10M in ETHA as Hashdex Withdraws Spot Ether ETF Proposal
BlackRock's amended S-1 provided details regarding its seed capital investor, which is the organization that finances the fund in preparation for its initial trading activities.
The filing stated that the investor, an affiliate firm of BlackRock, "agreed to purchase $10,000,000 in Shares on May 21, 2024, and took delivery of 400,000 Shares for $25.00 per share" on May 21.
The filing further specified that the ETF would be traded and listed under the symbol "ETHA."
It comes the same day that a filing indicates Hashdex withdrew its proposal for a spot Ether ETF, which the SEC approved for seven other issuers, including BlackRock, the day before.
According to a source with knowledge of the application consulted by Cointelegraph, "Hashdex no longer intends to move forward with a single asset Ether ETF."
Analysts predict that ETH will reach new heights due to the ETFs, with some speculating that Wall Street will use it to wager on the growth of Web3. Others hypothesize that the Grayscale Ethereum Trust (ETHE) could experience average daily outflows of $110 million for weeks following its conversion and discount reduction, which could exert price pressure on ETH.
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