The much-awaited spot Ethereum Exchange Traded Funds (ETFs) are set to begin trading by July 23 after the United States Securities and Exchange Commission (SEC) under Gary Gensler gave preliminary approval to some of the proposed issuers of the Ethereum ETF.
The United States SEC gave preliminary approval to three out of the eight asset managers who are proposing to issue Ethereum ETFs to their clients.
The three asset managers include Blackrock, VanEck, and Franklin Templeton and the approval hinges on applicants submitting final offering documents to regulators before the end of this week.
All eight Ethereum ETF issuers are expected to launch simultaneously according to credible sources.
The other Ethereum Etf issuers Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy are also expected to receive their preliminary approval from the US SEC ahead of next week’s proposed date of trading.
Eric Balchunas, Senior Bloomberg ETF Analyst confirmed the July 23 trading date with a post on X stating that he can confirm that the SEC has asked all issuers to submit their final S-1 fillings on Wednesday ahead of a July 23 launch.
“Update: Nate’s instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided with no unforeseeable last-minute issues of course!” Eric tweeted.
Nairametrics earlier reported that Bitwise’s Chief Investment Officer Matt Hougan predicted that the Ethereum ETFs could attract up to $15 billion in net inflows in the first 18 months of trading pulling a similar feat to what Bitcoin ETFs launched in January achieved.
Matt Hougan also expects the S-1 fillings of the issuers to be approved next week on Monday after trading hours. This will prepare it for the launch of trading the next day which is July 23.
If the S-1 fillings by the issuers are approved the spot Ether ETFs by the issuers are expected to be listed on the Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange.
The Ethereum ETF is the second crypto asset to have an exchange-traded fund in the United States after Bitcoin ETFs were launched in January.
There has been speculation about a potential Solana ETF this year after Ethereum ETFs have launched.
What to Know
- An S-1 filing is a registration statement that a company files with the Securities and Exchange Commission (SEC) when it wants to go public and issue shares on a stock exchange. The form is also known as the “registration form” because it registers the company with the SEC.
- The United States SEC has completed the first phase of the Ethereum ETF approval which is the approval of the 19b-4 files by the SEC in May.