Ethereum ETFs May Launch in July After Bitwise Files Amended S-1

  • One of Bitwise’s amendments is that it’s added a six-month fee waiver of up to $500m
  • Analysts believe listings could take place over the course of July
  • Bloomberg ETF analyst Eric Balchunas doesn’t know why the SEC is “taking their sweet time” with making a decision

Asset management company Bitwise has filed an amended S-1 registration form for a spot Ethereum exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC) days before the July 8 deadline.

Filing the amended form on July 3, Bitwise added a six-month fee waiver of up to $500 million; however, it didn’t specify what the management fee would be once shares in the Bitwise Ethereum ETF are listed on the NYSE Arca exchange. 

While Bitwise hasn’t indicated a launch date to the public, it did mention it would do so “as soon as practicable after the effective date of this Registration Statement.”

“Expect more from other issuers throughout the rest of the week,” said Bloomberg ETF analyst James Seyffart on X. “We’re thinking these things could potentially list later next week or the week of the 15th at this point.”

In June, Bitwise CIO stated that Ethereum ETFs could see around $15bn in net flows in their first 18 months on the market.

Taking their sweet time

The update from Bitwise follows from the SEC’s approval of eight spot Ethereum ETF 19b-4 filings in May, including Bitwise. The others being Ark, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco Galaxy, and VanEck.

Taking to X, Bloomberg ETF analyst Eric Balchunas said “no one really knows why the SEC is taking their sweet time with these, given how light comments were, these could have easily been trading by now.”

Despite this, he believes that a launch could take place this month.

Notably, SEC Chair Gary Gensler said during a June Senate Banking Committee meeting that the commission could give a final nod of approval over the S-1s “sometime over the course of the summer,” but didn’t announce a date.

When the SEC approved the 19b-4s in May, the price of Ethereum spiked. It’s anticipated that once the greenlight has been given, Ethereum’s value will rise, giving it a much needed boost during current economic activity.

Currently, the price of Ethereum is down to around $3,165, as the market continues in the red following a market selloff.

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