United States spot Ether (ETH) exchange-traded funds (ETFs) have a “legit possibility” of launching by late June, according to analysts, after BlackRock updated a key filing necessary for launch.
On May 29, BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission nearly a week after the regulator approved its 19b-4 filing — both need approval for the ETF to start trading.
“Good sign. [Probably] see rest roll in soon.” Bloomberg ETF analyst Eric Balchunas said in a May 29 X post.
There will likely be another round to “fine tune” SEC comments, he added — but an “end of June launch [is] a legit possibility.” However, Balchunas kept his approval odds for around July 4, adding that an earlier approval would be a “long shot.”
Bloomberg ETF analyst James Seyffart said BlackRock’s updated S-1 is “almost certainly the engagement we were looking for” as it shows “issuers and SEC are working towards spot Ethereum ETF launches.”
BlackRock’s amended S-1 gave information about its seed capital investor — the entity that allocates money to the fund so it can start trading.
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On May 21, the investor, a BlackRock affiliate firm, “agreed to purchase $10,000,000 in Shares on May 21, 2024, and on May 21, 2024 took delivery of 400,000 Shares at a per-Share price of $25.00,” the filing said.
The filing also noted the ETF would list and trade under the ticker “ETHA.”
It comes the same day as a filing shows Hashdex pulled its bid for a spot Ether ETF just a day after the SEC approved it alongside BlackRock and seven other issuers.
A source familiar with the application told Cointelegraph that Hashdex “no longer intends to move forward with a single asset Ether ETF.”
Analysts say the ETFs will see ETH reach new highs as some speculate Wall Street will use it as a bet on Web3’s growth. Others speculate ETH could face price pressure as the Grayscale Ethereum Trust (ETHE) could see $110 million of average daily outflows for weeks after it converts and its discount narrows.
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