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Though an exact debut date is still unclear, Bitwise‘s chief compliance officer, Katherine Dowling, reports that a roster of eight spot Ether exchange-traded funds (ETFs) is approaching coming live.
Improvements and Anticipations
Dowling told Bloomberg on July 9 that the S-1 revisions show less and less problems being scrutinized back and forth between issuers and the SEC. “That then points all the way in our direction of proximity. On the launch, we are really at the finish line.”
Form S-1s include details about the issuer and the securities they want to sell. Once accepted, the items may go live. Gary Gensler, the chair of SEC, reportedly said that Ether ETFs may open over the summer.
Following regulator approval of various 19b-4 files on May 23, many spot Ether ETF issuers have been waiting six weeks to get their S-1 registration statements signed off by the SEC. Early in July, the issuers sent in their revised S-1s after first round of comments from the securities regulator.
Matt Hougan, Bitwise’s chief investment officer, projected the spot Ether ETFs might draw in close to $15 billion in inflows in the first 18 months of trading — almost exactly the same amount the spot Bitcoin ETFs had attracted since launching six months ago.
Dowling also said the SEC has been receptive to talks on non-Bitcoin and Ether items. Dowling stated, “We have actually spoken with the SEC on the prospect of what is coming down the pipe with new products.” “I believe our interactions with the SEC regarding the possibilities for these products have been quite friendly.”
Future Opportunities
On July 8, the Chicago Board Options Exchange (CBOE) applied on behalf of VanEck and 21Shares to offer spot Solana (SOL) ETFs. Dowling, however, is not sure under Gensler’s direction a third spot bitcoin ETF would be permitted.
On July 9, Senior Bloomberg ETF analyst Eric Balchunas also noted that if Biden were re-elected and Gensler remained in charge of the financial regulator, a spot Solana ETF application would most certainly be “dead on arrival.”
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