The US Securities and Exchange Commission (SEC) has requested immediate submission of draft S-1 filings from organizations issuing Ethereum ETFs – Grayscale updates registration statement
The path to official trading for Ethereum ETFs is wide open as the US Securities and Exchange Commission (SEC) has requested organizations to submit draft S-1 filings before Friday.
All eyes are on the S-1 after form 19b-4 was approved on May 23 prior to trading commencement. As the approval is the result of a last-minute pivot from the SEC, the S-1 templates were not prepared in advance. After potential issuing organizations submit their S-1 filings, the SEC will provide initial comments for subsequent amendments.
However, details regarding seed investments and other aspects of the filings remain unclear and require more time to address. Sources indicate that the S-1 forms will have to undergo at least two more draft submissions before being ready.
Grayscale Investments is the latest organization to update its registration statement for Ethereum ETFs. The asset management giant filed an amended S-3 registration statement on Thursday, a day after BlackRock filed an amended S-1 statement, and a week after VanEck took similar action on the same approval day.
Grayscale's new filing has updated the amount of ETH needed to create a basket of shares: "As of May 28, 2024, the amount of Ether required to create a Basket of 100 Shares is approximately 0.94552590 Ether and the amount of Ether required to create a Basket of 10,000 Shares after the Amended Trust Agreement becomes effective will be 94.552590 Ether."
Bloomberg ETF analyst Eric Balchunas predicts that Ethereum ETFs in the US could launch in June.
