Spot Ether ETFs Could Launch Next Week: Bloomberg’s Eric Balchunas

TL;DR

• Bloomberg Senior ETF Analyst Eric Balchunas revealed that the new spot ether ETFs will likely launch next week on Tuesday, July 23.

• The US SEC has asked issuers to add in the Sponsor Fee in tomorrow’s filings. 

Spot Ether ETFs Likely to Go Live Next Week

Spot Ethereum exchange-traded funds (ETFs) could start trading on Tuesday, July 23rd. This is according to Bloomberg Senior ETF Analyst Eric Balchunas who posted his predictions on social media site X. 

Update: Nate's instincts were right, hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH. This is provided no unforeseeable last min issues of course! https://t.co/D21FD9Qf94

— Eric Balchunas (@EricBalchunas) July 15, 2024

Balchunas said,

"Hearing SEC finally gotten back to issuers today, asking them to return final S-1s on Wed (incl fees). And then request effectiveness on Monday after close for a Tuesday 7/23 launch."

A source close to the matter told The Block that the filings are due Wednesday by 5:30 p.m. EST. 

Following the launch of spot Bitcoin ETFs in January, the US SEC is set to approve spot Ether ETFs. Wall Street heavyweights like BlackRock and Fidelity are among the firms that have filed to launch spot Ether ETFs and are hoping to rollout their products to investors as soon as possible. 

In May, the SEC approved key regulatory filings from applicants. However, the regulatory agency must approve the applicants' S-1 filings before the ETFs can start trading on exchanges. 

With Ether ETFs all but approved, asset management firms could be focusing their attention on other leading cryptocurrencies including Solana and Dogecoin to launch ETFs to track the performances of the assets. 

Ether, the second-largest cryptocurrency by market cap, is trading above $3,400, up by more than 4% in the last 24 hours.