The fund could gain approval and launch in the coming weeks.
BlackRock amended the S-1 registration statement for its spot Ethereum ETF in a May 29 filing, marking a step toward approval.
The filing builds on BlackRock’s original registration statement, which was initially filed in November 2023.
Bloomberg ETF analyst James Seyffart called the filing a step toward launch after the SEC approved 19b-4 listing rule changes on May 23.
He said:
 “This is almost certainly the engagement we were looking for …”
Seyffart reaffirmed his belief that the S-1 statements could gain approval in the coming weeks, leading to spot Ethereum ETF launches, but admitted that the “norm is months.”
Placeholder data filled
The S-1 filing fills several placeholder fields, including details about seed funding.
According to the filing, the fund has generated $10 million in proceeds via a seed capital purchase by BlackRock Financial Management of 400,000 shares at $25 per share.
The sponsor, iShares Delaware Trust Sponsor, may collect up to $500,000 in fees per annum. The latest filing does not calculate a percentage-based sponsor fee.
The trust will issue and redeem shares only in blocks of 40,000. The fund’s ticker is ETHA.
Wilmington Trust, National Association will act as the Delaware trustee. Bank of New York Mellon will act as trust administrator and cash custodian.
In-kind redemptions considered
The new S-1 also reintroduces the possibility of in-kind creation and redemptions, which would allow for crypto rather than cash transactions among authorized participants.
It acknowledges that approval of in-kind transactions is not guaranteed and that timing is uncertain.
BlackRock’s original S-1 statement mentioned the possibility of in-kind creations and redemptions in passing. However, an amendment notice to Nasdaq’s 19b-4 filing in April said that authorized participants would rely solely on cash when creating and redeeming shares in the fund.
The latest S-1 also explicitly states that BlackRock will not engage in ETH staking, aligning with Nasdaq’s second May 22 19b-4 amendment on behalf of BlackRock.
All other ETH ETF issuers have also removed the possibility of staking from their applications.
#ETHETFsApproved #BlackRock #Megadrop

Ethereum's core developers plan to launch its next major update by next year.
Ethereum’s price has climbed to a two-month high of more than $3900 less than a week after the US Securities and Exchange Commission (SEC) approved 19b-4 filings for eight spot exchange-traded funds (ETF)-related to the digital asset.
This caps a week of positive performance for Ethereum, significantly outpacing the top 10 cryptocurrencies by market capitalization. During the reporting period, ETH’s value increased by approximately 27%, while Bitcoin saw a modest gain of 2%.
New ATH?
Several stakeholders highlighting how the spot Bitcoin ETFs catalyzed a 70% surge in BTC prices believe that ETH’s price could follow a similar trajectory toward a new all-time high.
The experts noted that the ETF approval showed that crypto had gained more recognition as a viable financial asset class and would witness more institutional adoption.
MicroStrategy executive chairman Michael Saylorcorroborated this view during a recent podcast appearance. According to him, the approval of an ETH ETF has further legitimized the emerging industry, thereby encouraging institutions to allocate more capital to various digital assets. This comes after Saylor had recently stated Ethereum ETFs would never be approved and Ethereum labeled a security.
Meanwhile, Arthur Cheong, founder of DeFiance Capital, said ETH’s price could hit $4,500 before the ETFs begin trading because the asset is currently underrepresented within crypto portfolios.
Banking giant JPMorgan has predicted that the ETF will launch before the US presidential elections.
Pectra upgrade
Another major catalyst that would fuel ETH’s upward momentum is its upcoming Pectra upgrade, which core developers plan to launch during the first quarter of next year.
Pectra is Ethereum’s next major upgrade following the successful implementation of Dencun in March. The update aims to enhance the Ethereum Virtual Machine (EVM) with the Ethereum Virtual Machine Object Format (EOF) and includes 11 improvement proposals.
Notably, the developers said they would replace the account abstraction EIP-3074 with the more advanced EIP-7702, introduced by Ethereum co-founder Vitalik Buterin. EIP-7702 enables Externally Owned Accounts (EOAs) to operate as smart contract wallets during transactions, streamlining the user experience and boosting security. (CryptoStale)
#ETHETFsApproved #EarnFreeCrypto2024 #BlackRock

Bloomberg ETF analyst James Seyffart took part in an interview hosted by Bitwise CIO Matt Hougan, who in turn predicted "significant demand."
Bloomberg ETF analyst James Seyffart believes that spot Ethereum ETFs could see 20% to 25% of the demand experienced by spot Bitcoin ETFs.
Seyffart expressed his stance in an interview hosted by Bitwise, adding that his fellow Bloomberg ETF analyst, Eric Balchunas, believes the new funds will see 15% to 20% of the demand.
Seyffart compared both estimates to the fact that ETH has approximately 30% of Bitcoin’s $1.4 trillion market cap, calling his estimate a “discount” in that regard.
He attributed the difference to certain limitations of each product. ETH ETF issuers will not engage in staking, meaning that, unlike ETH holders, ETF investors cannot earn yield. Furthermore, Ethereum has greater on-chain utility than Bitcoin, and ETF investors will not be able to access it.
Seyffart declared:
” … The gap between Ether as an ETF and Ether itself … is a little wider than the gap between Bitcoin and Bitcoin as an ETF wrapper.”
Seyffart said that Ethereum futures ETFs, which have just 12% of the assets compared to futures ETFs in the US, do not provide a “good sample” for an estimate. ETH futures ETFs in foreign markets have 20% to 30% of assets proportionate to Bitcoin futures ETFs.
Ultimately, Seyffart predicted spot ETH ETFs would have “big launches” but not as big as spot Bitcoin ETF launches. “There’s going to be demand,” he concluded.
Bitwise CIO expects significant demand
Bitwise CIO Matt Hougan predicted “significant demand” for spot Ethereum ETFs.
Hougan said that demand will likely come from two sources. First, he suggested that many investors treat diversification as a “fundamental starting point.”
He predicted that “many investors” but “not a majority” would initially pursue a diversification strategy. Hougan also suggested that engagement could increase over time, with a majority of professional investors wanting diversified exposure within five years.
Hougan said:
“[Investors] don’t want to own one stock. They don’t want to own one bond. Why would they own just one crypto asset?”
Secondly, Hougan said that Ethereum’s role as a “high growth tech investment” will appeal to investors, citing “killer apps” such as stablecoins, non-fungible tokens, DeFi, gaming, and social apps.
ETH ETFs gained initial approval
The US SEC approved several 19b-4 rule changes on May 23, which will allow exchanges to list and trade several pending spot ETH ETFs.
One proposal that gained approval was NYSE Arca’s filing on behalf of Bitwise’s proposed fund.
The SEC must still handle each firm’s S-1 registration statements.
A launch date is unclear. Seyffart believes launches will occur in weeks or longer. JP Morgan believes the products will launch before November. (Cryptostale)
#ETHETFsApproved #BinanceLaunchpool #BlackRock

JPMorgan said crypto has become "an increasingly political issue ahead of the 2024 US presidential election."
JPMorgan predicts that the newly approved spot Ethereum exchange-traded funds (ETFs) will likely begin trading before the November US presidential elections, citing crypto’s increasing political significance.
This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from the previous skepticism surrounding these financial instruments.
The SEC approved the 19b-4 forms for the Ethereum ETFs, which include offerings from VanEck, BlackRock, Grayscale, and Fidelity. However, these products still require activating their S-1 registration statements before trading can commence.
JPMorgan emphasized this development, stating:
“The issuers’ registration statements remain under review by the SEC. As such, there is no anticipated date on when these ETFs will begin trading.”
While Galaxy analysts foresee trading starting as early as July or August, JPMorgan maintains a more cautious stance. They believe that political factors related to ETF approval and crypto regulation could influence the timeline. They noted:
“We note this important step yesterday towards the final approval comes after a sudden reversal in regulatory sentiment earlier this week when the SEC seemingly re-engaged with stakeholders after months of stalled conversations.”
This perspective aligns with recent significant political and regulatory developments in the crypto industry.
Last week, the House passed FIT21, a significant legislative effort to clarify the SEC’s role in crypto regulation. Additionally, President Joe Biden expressed willingness to cooperate with Congress to establish a comprehensive and balanced regulatory framework for digital assets.
Moreover, former President Donald Trump announced he would accept crypto for campaign donations.
These events, combined with both houses of Congress voting to overturn an SEC crypto-related rule despite President Biden’s veto threat, signal a major stride toward mainstream acceptance of crypto as a financial asset. (Data via cryptostale)
#ETHETFsApproved #BinanceLaunchpool #BlackRock