Bitwise has taken a big step towards launching an Ethereum exchange-traded fund, submitting an updated S-1 form on July 3. This move, just days before the July 8 deadline, hints that Ethereum ETFs could be right around the corner.
Industry analysts anticipate the trading of these products to commence in the coming two weeks. According to Bloomberg ETF analyst James Seyffart, more filings are expected from various issuers this week, suggesting possible listings as soon as next week or the week starting July 15.
The revised S-1 filing reveals some important changes, one of which is a six-month fee waiver on AUM up to $500 million. The specific fee arrangement remains undisclosed, but this waiver mirrors a recent action taken by VanEck concerning their Ethereum ETF.
Senior Bloomberg analyst Eric Balchunas highlighted Bitwise’s early filing. He mentioned the SEC’s recent feedback as minimal. In an X post, he suggested:
Prob just wanted to get it off their plate and from what I hear the last round of comments were ‘literally nothing’ = took zero time to update. Also, no fee yet. Prob get those next week-ish.
Despite these ETFs’ favorable outlook, the SEC appears to be proceeding cautiously. Balchunas speculated on potential causes for the delay, indicating issues with the issuer or seasonal slowdowns. Nevertheless, he holds a positive view on a potential launch in July.
Galaxy Digital’s perspective on Ethereum ETFs
Galaxy Digital’s head of asset management, Steve Kurz, shares this optimism. In Bloomberg interview, Kurz predicted Ethereum ETF approvals in “weeks, not days.” He emphasized the strong demand for these products, citing the $15 billion in net inflows that Bitcoin ETFs saw after their January launch.
Kurz also hinted at the potential for more crypto ETFs in the future, depending on U.S. laws. He emphasized the strong demand from the public, retail sector, and investors, highlighting a keen interest in crypto-based exchange-traded products.
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