Ethereum ETFs In ‘Window Dressing’ Phase, Approval Within Weeks – Galaxy
Galaxy Digital Asset Management head SpotEther (ETH) believes the exchange will be approved in “weeks” rather than days, but agrees that the decision will come sometime in July.
“Look, we've done this before. This is methodical, this is window dressing, the SEC is involved,” Steve Kurz said in a July 2 interview with Bloomberg TV.
Galaxy Digital is one of eight asset managers with Ether ETFs currently under review with the United States Securities and Exchange Commission. It is partnering with Invesco on the ETF.
“We've been doing this for months now, we've done it with the Bitcoin ETF, the products are very similar – we know the plumbing, we know the process.”
Kurz's estimate is largely in line with other ETF analyst estimates.
On June 28, Bloomberg ETF analyst Eric Balchunas pushed back his early July estimate for ETF approval after the SEC took “more time” to get back to applicants about their S-1 filings.
A July 2 Bloomberg report, citing two people familiar with the matter, added fuel to this theory, saying that Ether ETF applicants were given until July 8 to submit revised paperwork to address some minor issues.
Following this, more rounds of records may follow, he said.
Eight bidders, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Galaxy/Invesco, have been given the green light to list their shares on their respective exchanges.
The issuers now require an approved S-1 filing for Ethereum ETFs to trade live.
Related: How ETFs are shaping crypto markets
In the year In a July 2nd research report, K33 Research suggested that Ether ETF will be a “golden egg” for the price of ETH and may even surpass Bitcoin (BTC) in the first few weeks after going live.
K33 analysts Vettel Lunde and David Zimmerman expect Ether (ETH) to “stump immediately following the launch of the EFF” but, just as happened with Bitcoin, they note that entry into the currency will strengthen ETH's value.
Magazine: VanEck Files for Solana ETF, Ether Supply Increases, and More: Hodler's Digest, June 23-29
