Final Steps for Approval

A July 15 Reuters story claims that applicants turning in final offering documentation to the SEC by the end of this week will now determine whether or not the SEC approves. BlackRock, Franklin Templeton, and VanEck among others are among the candidates. Other companies vying to introduce their Ether products next week include Fidelity, ARK 21Shares, Grayscale, Bitwise, and Invesco Galaxy.

Like with the SEC’s handling of the spot Bitcoin ETFs, one industry source told Reuters all eight spot Ether ETFs are likely to debut concurrently.

SEC’s Final Instructions

With all applicants obliged to declare the cost related to their spot Ether ETFs, Bloomberg ETF analyst Eric Balchunas pointed out that the SEC has directed issuers to provide their final S-1 filings by July 16. After trading hours conclude, he expects the SEC to formally approve the S-1s next Monday, therefore enabling the spot Ether ETFs to begin trading on Tuesday, July 23.

Industry Anticipation

With less concerns being checked back and forth between issuers and the SEC, bitwise’s chief compliance officer, Katherine Dowling, said the process is almost over. “That then points all the way in our direction of proximity. On the launch, we are almost at the finish line, Dowling remarked on July 9.

Like the spot Bitcoin ETFs which have attracted notable interest since its inception, Bitwise’s chief investment officer Matt Hougan projected that the spot Ether ETFs might draw in close to $15 billion in inflows in the first 18 months of operation.

Should authorized, the location Ether ETFs would be listed on the Chicago Board Options Exchange, Nasdaq, and New York Stock Exchange.

Reflecting the market’s expectation of the ETF debut and the possible flood of institutional investment, ether is trading at $3,414, up 3.6% over the previous 24 hours.

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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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