As an experienced analyst, I have followed the development of Ethereum Exchange-Traded Funds (ETFs) closely, and I believe that the recent updates to the S-1 filings by VanEck and 21Shares are a significant step forward in the approval process. However, I do not find Eric Balchunas’ assessment that there is nothing noteworthy in these filings accurate. The fact that these issuers are putting the ball back into the Securities and Exchange Commission (SEC)’s court indicates that they believe they have addressed any concerns raised by the agency in their initial applications.
A few Ethereum exchange-traded fund (ETF) providers, including VanEck and 21Shares, have recently filed revised S-1 forms with the Securities and Exchange Commission (SEC).
According to Eric Balchunas, Bloomberg’s senior ETF analyst, the recent updates in the filings didn’t reveal anything significant. The companies are merely returning the decision-making power to the regulatory agency.
Prospective ETF issuers are expected to submit their updated S-1 applications by July 8.
Last week, Bitwise made some revisions to its S-1 filing before the deadline, as the SEC provided minimal significant comments for consideration.
As an analyst, I would explain that when looking to launch a new Exchange-Traded Fund (ETF), the first step is to file an S-1 form with the relevant regulatory agency. This initial registration statement lays out essential details about the fund, such as its investment objective and strategy, risks involved, and key management personnel. By providing a comprehensive description of these elements, we ensure potential investors are well-informed before deciding to invest in the new ETF.
As a researcher, I’ve discovered that when ETF issuers aim to list their products on an exchange, they are obligated to submit 19b-4 applications. These forms, commonly referred to as “exchange rule changes,” follow the submission of S-1s, according to Matthew Sigel, head of digital research at VanEck.
Simultaneously, the SEC’s two-stage procedure requires approval of both types of applications for ETFs based on Ethereum. In May, the SEC surprised the crypto community by granting approval to some 19b-4 forms for Ethereum spot ETFs. Meanwhile, BlackRock made adjustments to its S-1 filing for an Ethereum spot ETF during the same month.
Based on information from industry insiders, it is anticipated that the SEC will allow several Ethereum Spot ETFs to begin trading within this month, following over a month of interactions with prospective issuers.
I’m excited about the ongoing Ethereum ETF approval process and recently, SEC Chair Gary Gensler expressed optimism during a public statement, stating that things are progressing smoothly for us crypto investors.
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2024-07-08 23:11