ETF deadline. Ethereum spot ETFs were approved by the US SEC just a week ago. A new historic change for the cryptocurrency sector, the regulatory implications of which could be much greater than in the case of Bitcoin. At the same time, the managers of these ETH funds are organizing themselves in order to be able to list their financial products as quickly as possible. Even more so with a regulatory body which has just officially asked them to return their S-1 copies by this weekend. We take stock…

ETHEREUM SPOT ETF: ISSUERS ARE IN STARTING BLOCKS

European nights are the visibly very busy days for issuers of future Ethereum spot ETFs in the United States. Because the race is on, to file a copy of the famous S-1 form necessary. The latter intended to present what a cryptocurrency enthusiast could understand as the tokenomics of these financial vehicles.

Indeed, each of the 8 fund managers approved by the SEC must return this copy as soon as possible. And, obviously, the message has gotten across since the leader BlackRock has just submitted its own this Thursday, in a version however considered temporary.

A movement followed by his acolytes and future competitors, in a rush proportional to the surprise triggered by the sudden approval of the SEC at the end of last week. Indeed, none of these applicants had really prepared this document in advance given the chances of such a rapid decision being considered almost zero.

This is probably the reason why the SEC has just officially requested the effective filing of these forms before the date of Friday, May 31. And it doesn't matter if the versions filed are incomplete, because it is very likely that they still need to be modified several times before coming into force.

GRAYSCALE FILES AMENDED S-3

In this tense context, the latest form filing concerns an amended S-3, filed by the manager Grayscale. Why a different document? Because the latter concerns a mutation of its Grayscale Ethereum Trust fund already launched since March 2019, as in the case of its GBTC spot Bitcoin ETF.

The opportunity for Grayscale to detail the formalities associated with this financial vehicle, considered the most important Ethereum fund in the world. Indeed, it alone holds 2.5% of the total circulating supply of the ETH cryptocurrency.

Only one question really remains unanswered in the case of Grayscale's Ethereum fund. Will it experience the same intense and sustained hemorrhage as its Bitcoin version launched last January? The bets have been made…

Analysts say the details of these funds' seed baskets are fairly simple to include in S-1 forms. It is therefore not necessarily on this point that the SEC could request the most important modifications. Because other versions will certainly be required, by a regulatory body capable of dragging out these procedures for at least weeks. A case to follow closely…