Ethereum ETF launched in June as BlackRock files S-1 ‘legal opportunity’
U.S. spot ether (ETH) exchange-traded funds (ETFs) have a “legitimate chance” to launch in late June, analysts say, after BlackRock updated the key file necessary for launch.
On May 29, BlackRock updated its Form S-1 for iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission.
“A good sign. [Probably] See vacation soon. Bloomberg ETF analyst Eric Balchunas said in a May 29 X post.
He added that there could be another round of SEC comments to a “good tune” — but “the end of June [is] A legal possibility.” However, Balchunas put the likelihood of approval at around July 4, saying early approval would be a “long shot.”
Bloomberg ETF analyst James Seifert said BlackRock's updated S-1 is “definitely the participation we want” because it shows issuers and the SEC are working to launch an Ethereum ETF.
BlackRock's revised S-1 provided information about the seed capital investor — the entity that allocates money to the fund to start a business.
Related: 5 things Ethereum ETFs could mean for altcoins
On May 21, the investor, an affiliate of BlackRock, agreed to buy $10,000,000 of the stock on May 21, 2024, and took 400,000 shares on May 21, 2024 at a price of $25.00.
The filing also lists the ETF and notes that it trades under the symbol “ETHA.”
One day after the SEC approved its deal with BlackRock and seven other issuers, a filing shows that Hashdex has pulled its bid for the Spot Ether ETF.
A source familiar with the application told Cointelegraph that Hashdex “no longer intends to move forward with a single-asset Ether ETF.
Analysts see ETFs hitting new highs as some speculative Wall Street is using them as bets on Web3's growth. Others speculate that ETH may experience price pressure, with Grayscale Ethereum Trust (ETHE) likely to see an average daily outflow of $110 million for weeks after the shift and the reduction in supply.
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