Exchange Traded Funds (ETFs) Likely to Launch on Ethereum Spot Market

Ethereum spot exchange-traded funds (ETFs) will likely begin trading in the United States by July 2, according to Bloomberg ETF analyst Eric Balchunas.

“We are moving the launch date for our spot ETF more or less to July 2,” Balchunas wrote in a June 15 article on X, noting that SEC staff were commenting on the ETF. The applicants’ S-1 requests were “very light, not serious” and were due back within a week.

“There’s a good chance they’ll work to get this into effect next week and get it off their agenda before the weekend. He added: “Anything is possible, but this is our best guess so far. »

The comments appear to represent a shift in confidence from the day before, when Balchunas claimed that Ether ETF applicants were still awaiting feedback from the Division of Corporate Finance – a division of the Securities and Exchange Commission that oversees company disclosures – and decided whether or not to pay. He supports his July 4 prediction.

Source: Eric Balchunas

On May 23, the SEC approved eight 19b-4 filings to list spot ETFs on several U.S. exchanges, but they cannot begin trading until they receive the required registration statement approvals S-1.

SEC Chairman Gary Gensler proposed a broader timeline for a potential approval date.

SEC Chairman Gary Gensler provided a broader timeline for the start of Ethereum ETF trading, noting that it could happen in the next three months, by the end of September.

However, just a week ago, Gensler indicated that the speed of ETF approvals would depend on how quickly issuers process comments from the SEC.

about: Cryptocurrency Exchanges See $3 Billion Ethereum Outflow Since ETF Approval

While some traders hope that Ethereum’s price will mirror Bitcoin’s chart movements following the ETF’s approval on January 11, which hit an all-time high of $73,679 on March 13, not everyone has the same confidence.

On June 3, Stephen Richardson, managing director of financial markets at Fireblocks, argued that Ethereum ETFs would not see the same first-day inflow as spot Bitcoin ETFs because the use cases for the asset are more difficult to assess.

“What’s missing is a broad consensus that effectively assesses the utility or usage rate of the Ethereum blockchain.” he said in comments to Cointelegraph.

review: Bitcoin’s “Second Layer” Isn’t a Second-Level Layer at All: That’s Why It’s Important

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