BlackRock has updated its S-1 form for its spot Ethereum ETF, which analysts called a “good sign” that the issuer and the SEC are working toward launching the ETF.
Analysts say there is a “legal possibility” a U.S. spot ether exchange-traded fund (ETF) could launch by the end of June after BlackRock updated key documents needed for the launch.
On May 29, BlackRock updated its Form S-1 for the iShares Ethereum Trust (ETHA) with the U.S. Securities and Exchange Commission, and the regulator approved its 19b-4 filing, both of which are required, nearly a week before the ETF begins trading.
“Good sign. [May] see the rest soon,” Bloomberg ETF analyst Eric Balchunas said in a May 29 X post.
He added that the SEC may conduct another round of “fine-tuning” comments, but that “a late June launch is a legitimate possibility.” However, Balciunas puts the odds of approval around July 4, adding that earlier approval is “unlikely.”
James Seyffart, an ETF analyst at Bloomberg, said BlackRock’s updated S-1 filing is “almost certainly what we’ve been waiting for” as it shows that “issuers and the SEC are working toward launching a spot Ethereum ETF.”
BlackRock’s amended S-1 provides information about its seed capital investors, the entity that allocates money to a fund to get it started trading.
On May 21, the investor (an affiliate of BlackRock) “agreed to purchase $10,000,000 of stock on May 21, 2024 and to receive 400,000 shares at $25.00 per share on May 21, 2024,” the filing states.
The filing also states that the ETF will be listed and traded under the ticker symbol “ETHA.”
On the same day, a filing showed that Hashdex withdrew the deal, a day after the U.S. Securities and Exchange Commission (SEC) approved spot trading of an Ethereum ETF along with BlackRock and seven other issuers.
A source familiar with the filing told Cointelegraph that Hashdex “no longer intends to move forward with a single-asset Ether ETF.”
Analysts say the ETF will see ETH hit new highs as some speculate Wall Street will use it to bet on the growth of Web3. Others speculate that ETH could face price pressure as Grayscale Ethereum Trust (ETHE) could see an average of $110 million in daily outflows in the weeks following the conversion and its discount narrows.
