Here’s When BlackRock’s Spot Ethereum ETF Could Launch After Updated S-1 Filing
BlackRock has submitted a revised registration statement for its proposed spot Ethereum ETF. The updated S-1 filing also included details about the company’s seed capital investor.
Now, analysts suggest that U.S. spot Ether exchange-traded funds (ETFs) could launch by late June.
BlackRock Reveals Seed Capital Investor Information
The world’s largest asset manager submitted an amended S-1 registration statement nearly a week after the U.S. Securities and Exchange Commission (SEC) approved 19b-4 forms for eight Ethereum ETFs, including its proposed iShares Ethereum Trust. Both filings need approval before the ETF can begin trading.
In the updated one, BlackRock disclosed information about its seed capital investor, who committed to acquiring $10 million worth of shares on May 21, 2024. The investor ultimately received 400,000 shares priced at $25.00 each. The asset manager also said the shares will be listed and traded under the ticker symbol “ETHA.”
Eric Balchunas offered insights on the development, expressing optimism about its significance. He anticipated others to follow soon, likely accompanied by another round of fine-tuned comments from Staff. While Balchunas suggested an end-of-June launch as feasible, he emphasized higher approval odds around July 4, regarding an earlier approval as a “long shot.”
Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat
— Eric Balchunas (@EricBalchunas) May 29, 2024
Bloomberg ETF analyst James Seyffart remarked that BlackRock’s updated S-1 is “almost certainly the engagement we were looking for on the S-1s following the 19b-4 approvals. Issuers and SEC are working towards spot Ethereum ETF launches.”
Hashdex Withdraws Spot Ethereum ETF proposal
This development comes the same day as a filing showing Hashdex recently withdrew its proposal for a spot Ether ETF, a day after its competitors, including BlackRock and seven other issuers, received approval for it.
No information has been provided regarding the reasons for Hashdex’s decision or whether it plans to resubmit its proposal. According to its initial September 2023 filing, Hashdex’s proposal for a spot Ethereum ETF combined spot Ether holdings with Ether futures contracts within the same product to reduce potential manipulation risks.
Hashdex also aimed for its spot Ether ETF to reflect daily changes in the Nasdaq Ether Reference Price to address regulatory concerns about market manipulation.
Competitors like Fidelity, ARK 21Shares, and Franklin Templeton have focused solely on spot-based Ether ETFs, making late amendments such as removing support for ETH staking in response to SEC feedback.
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