Issuer S-1 amendment forms are submitted
On July 1, the SEC took an unexpected step in the approval process of the Ethereum spot ETF-returned the S-1 form to the issuer. According to people familiar with the matter, the SEC returned the S-1 form with a For minor comments, issuers have until July 8 to correct and resubmit.
With the arrival of July 8, according to SEC filings, VanEck has submitted its Ethereum spot ETF S-1 revised registration statement and plans to rename "VanEck Ethereum Trust" to "VanEck Ethereum ETF."
Other major issuers such as 21Shares, BlackRock, Fidelity, Franklin Templeton and Grayscale also filed amended S-1 registration statements ahead of the deadline.
VanEck announced that it would waive trading fees for the Ethereum spot ETF at the outset, while Franklin Templeton set its fee at 0.19%. Other issuers such as BlackRock have not yet set fees, according to Bloomberg analyst Eric Balchunas speculates that the fee has not yet been set because the SEC only requested an update to the S-1 form on July 8, but has not yet provided guidance and plans to the issuer. After the current S-1 form is reviewed, the document will be returned to the issuer. Fill in the fees (and all other blanks) in hand, and then it's time to officially list the deal.
To this end, a major focus of the cryptocurrency market this week is whether the U.S. Securities and Exchange Commission (SEC) will approve an Ethereum spot ETF “within days.”
Ethereum spot ETF this week?
In the latest tweet, cryptocurrency service provider Matrixport predicted that the Ethereum spot ETF is likely to be launched within this week, and once passed, it is likely to drive a rebound in the price of Ethereum ($ETH).
Compared with Matrixport’s more optimistic forecast, Bloomberg analyst Eric Balchunas believes that the review of the S-1 form will still take time, and gave his own predicted time point-July 18: “If you point a gun at me If I were to give a guess on the date, I would choose July 18th.”
At the time of writing, Ethereum ($ETH) has rebounded nearly 6% in a single day, trading at $3,066, a significant increase from its July 5 low of $2,826, driven by an increase in pass odds for the Ethereum spot ETF this week.
Image source: CoinGecko
Market expectations and dynamics
According to predictions by asset management company Grayscale, the net inflow of funds brought by the listing of the Ethereum spot ETF in the United States will reach 25%-30% of the net inflow of the Bitcoin spot ETF, approximately 3.5 billion to 4 billion US dollars. about.
However, some analysts warned that due to the high initial valuation, the impact of the Ethereum spot ETF on the price of Ethereum ($ETH) may be limited compared with the benefits brought by the launch of the Bitcoin spot ETF. Additionally, a large portion of the Ethereum ($ETH) supply (such as Ethereum in stake) is unlikely to be available for ETF trading circulation, which may also affect its market performance.
The approval or disapproval of an Ethereum spot ETF will be a key factor affecting the cryptocurrency market in the coming period. No matter what the final result is, it deserves investors' close attention.