SEC asks issuers to submit final S-1 forms by Wednesday, aiming for a July 23 launch of Ethereum spot ETFs from asset managers such as BlackRock and VanEck.
Eric Balchunas, Senior ETF Analyst for Bloomberg, disclosed on X that the SEC has asked issuers to submit their final S-1 forms by Wednesday.
BREAKING: Ethereum ETFs to launch Tuesday July 23! pic.twitter.com/TpugVRgBtj
— Altcoin Daily (@AltcoinDailyio) July 15, 2024
Provided there are no last-minute issues, the request for effectiveness will be made after Monday’s close, targeting a launch on Tuesday, July 23. This update coincides with earlier predictions from President of the ETF Store, Nate Geraci, who anticipated this week would see the approval of spot Ethereum ETFs.
Initial Approval and Industry Impact
Notably, the SEC has already given initial approval to spot-based Ethereum ETFs from BlackRock, Franklin Templeton, and VanEck. Additionally, Grayscale, Bitwise, ARK 21Shares, Invesco Galaxy, and Fidelity could be preparing to launch their products soon.
The final approval would allow investors to gain exposure to Ethereum without directly owning the cryptocurrency, providing a regulated and potentially profitable investment avenue. As the second-largest cryptocurrency by market capitalization, Ethereum stands to benefit significantly from this development.
Analysts’ Predictions and Historical Context
In June, Consensys’ Jimmy Ragosa predicted that the SEC might soon approve the S-1 documents for Ethereum spot-based ETFs. His prediction followed Bitwise’s amended Ethereum ETF S-1 document submission on June 18, which included updated risk factors, legal statements, contact information, and distribution plans.
Ragosa suggested that if these updates were the only SEC comments, a final approval could be imminent, potentially sparking an Ethereum rally similar to the uptrend recorded after the approval of the 19b-4 filings in May.
It is crucial to note that market analyst Miles Deutscher earlier forecasted that Ethereum could surge to $6,446 by July 23 if a spot ETH ETF product is approved.
Drawing parallels with Bitcoin’s historical performance post-ETF approval, Deutscher noted that Bitcoin experienced a notable 75% rally over 63 days following its ETF approval. This historical trend suggests the possibility of a similar trajectory for Ethereum’s price, assuming spot ETH ETF approval goes through.
Currently, Ethereum is trading at $3,410, reflecting a 1.45% increase in the last 24 hours and a 23.37% increase over the past week.
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