Spot Ethereum ETFs may begin trading on July 2 – Bloomberg analyst
The spot Ethereum (ETH) exchange-traded fund (ETF) may begin trading in the United States on July 2, according to Bloomberg ETM analyst Eric Balchunas.
Balchunas wrote on June 15 in X that US Securities and Exchange Commission (SEC) staff commented on the ETF: “We're moving our past timeline for the launch of the SpotEther ETF to July 2. Applicants' S-1 applications were “very easy, nothing big” and during the week. They asked to go back inside.
They have a good chance of declaring their success next week and getting it up and running before the holiday weekend. Everything is possible, but this is our best guess right now,” he added, referring to the US Independence Day, which is celebrated every year on July 4.
Balchunas said Ether ETF applicants were still arguing to push through the Corporate Finance Division — the SEC division that oversees corporate disclosures — and his comments appeared to have changed with confidence a day earlier. Answer the forecast for July 4th.
On May 23, the SEC approved eight 19b-4 filings to list Ether ETFs on various U.S. exchanges, but they cannot begin trading until they receive confirmation of the required S-1 registration statement.
SEC Chairman Gary Gensler has proposed a broader time frame for the approval date
SEC Chairman Gary Gensler offered a broader timeframe for when spot ETFs could begin trading, suggesting it could happen within the next three months, possibly as late as September.
However, just a week ago, Gensler indicated that the pace of Ether ETF approvals depends on how quickly issuers resolve comments from the SEC.
Related: Crypto Exchanges See $3B Ethereum Withdrawal From ETF Approvals
While some traders hope that Ether's price will mirror Bitcoin's chart movements following the January 11 ETF approval, which saw a high of $73,679 as of March 13, not everyone is of the same faith.
On June 3, Stephen Richardson, managing director of financial markets at FireBlocks, argued that spot ether ETFs cannot see the same day-one income stream as Bitcoin ETFs because the asset's use cases are so difficult to value.
“What's missing is a broad consensus that accurately assesses the scale of utility or use of the Ethereum blockchain.” He said in comments to Cointelegraph.
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