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Earlier today, eight spot Ethereum ETFs were approved in a mass order. However, it can take weeks or even months for S-1 registration statements to be approved and for products to begin trading.
The SEC has approved forms 19b-4 for Ethereum ETFs offered by firms like BlackRock, Fidelity, and Grayscale. However, for these products to begin trading, S-1 registration statements must come into force.
At the time Bitcoin ETFs were approved, S-1 forms were available before 19b-4 approvals. This allowed S-1 forms to go into effect quickly and trading to begin the next day.
The situation is different for Ethereum ETFs. The SEC had not engaged with the issuers until earlier this week. Experts think that there may be a political decision behind this last-minute change. Although issuers completed their 19b-4 forms quickly, there was little communication about their S-1 forms.
The S-1 forms still have many issues to resolve, according to a source close to the process. These processes could take weeks and depend on how quickly the SEC responds. Issuers and exchanges have not yet started conversations about bringing products to market.
This situation also coincides with the predictions of industry experts. “I don’t know how fast the fast track is, but there will be a rush for the next few days, maybe weeks — it depends on the S-1s,” Bloomberg ETF analyst Eric Balchunas told The Block in an interview ahead of the 19b-4 approvals.
Galaxy Digital anticipates spot Ethereum ETFs to list on exchanges in July or August. Galaxy Digital’s report noted that spot Ethereum ETFs have a “significantly” higher risk profile than spot Bitcoin ETFs, which could delay regulators’ decision-making process.
Following today’s order, the SEC is expected to provide feedback to issuers on their S-1 forms and work to have them ready. Once this process is completed and the exchanges are ready, trading can begin.
As a result, even though Ethereum ETFs have been approved, it may take several weeks for them to begin trading — which could be shorter or longer depending on the agency’s urgency.
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