Bitwise has made adjustments to its S-1 filing with the SEC to introduce a spot Ethereum ETF for trading.
Analysts are predicting that the Ethereum ETF could be launched between July 8 and 15, pending the SEC’s review of necessary filings.
In the volatile realm of cryptocurrency investments, developments are unfolding amidst regulatory uncertainties and market fluctuations. Bitwise, an asset management firm, has moved forward with its plans to launch a spot Ethereum exchange-traded fund (ETF) under the United States Securities and Exchange Commission (SEC).
According to filings on July 3, the firm has revised its SEC S-1 registration to propose trading shares of a spot Ethereum ETF, which includes a six-month fee waiver for investments up to $500 million. The exact commencement details for trading on NYSE Arca are yet to be confirmed, but Bitwise aims to proceed swiftly once the S-1 becomes effective.
Bitwise’s initiative follows the SEC’s approval of 19b-4 forms for eight Ethereum ETFs in late May, paving the way for potential market openings pending clearance of their S-1 statements. However, actual trading awaits the effectiveness of these statements, a procedural step heightening market anticipation for the upcoming launch.
The SEC is anticipated to greenlight the Ethereum ETF by mid-July, according to analysts at Bloomberg, Eric Balchunas and James Seyffart, who underscore the ongoing regulatory processes. They expect filings this week from other issuers, suggesting a concerted effort to comply with regulatory standards.
Balchunas noted that Bitwise submitted its amended S-1 ahead of the July 8 deadline and remarked on the SEC’s deliberate pace in finalizing approvals for spot Ether ETFs. Nonetheless, he indicated that all indications point towards a launch scheduled for this month.
James Seyffart added that these ETFs might potentially be listed either next week or during the week starting July 15.
Amid these developments, the Ethereum market has shown mixed signals, with a 4.5% decline in the past 24 hours, resulting in a drop to the $3,100 range. Despite these challenges, the anticipated ETF launches remain a focal point for market participants, with expectations of potential listings later in July following regulatory approvals.
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