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- 1 After the BlackRock iShares Ethereum Trust, SEC requested other applicants to file their updated S-1 soon by Friday, May 31.
- 2 There is no clarity about the exact timing to begin trading the spot Ether ETF.
- 3 The delay in filings led to uncertainty about the applicants applying for the ETH ETF.
On May 30, BlackRock became the second applicant to apply for an amended S-1 filing after VanEck, who filed on the day of approval, that is, May 23 itself for the approval and trading of spot ETH ETF. On May 23, the SEC approved the 19b-4 filings for 8 applicants out of whom only 1 has filed an updated S-1 filing.
Notably, for the BTC spot ETFs, applicants were ready with their amended filing before the approval. The BTC spot ETFs began trading a day after the approval. In contrast, even after a week of approval, there are no updates on the trading initiation.
SEC Request for Draft S-1
Reportedly, the US Securities and Exchange Commission (SEC) has requested all the spot ETH ETF applicants to file their amended S-1 draft with the SEC. The SEC is being very active this time.
SEC apparently asking prospective spot eth ETF issuers for updated S-1s by Friday…
— Nate Geraci (@NateGeraci) May 30, 2024
There would still be addn'l amendments following this.
But SEC clearly engaging fairly quickly here.
via @Timccopeland pic.twitter.com/syPxfvVYdl
They are asking applicants so that they can start reviewing the drafts and comment on the changes that are required to be made to make them tradable in the spot exchange market.
On May 31, Fidelity became the third applicant to file the updated S-1 filing following the SEC’s request.
Eric Balchunas, senior ETF analyst at Bloomberg, found it to be a good sign that the SEC is taking keen interest in the filings related to ETH ETF and shows their dedication to listing the spot ETH ETF.
Vanguard Backed Out From Spot ETH ETFs Race
Vanguard pulled out its application for a spot ETH ETF, Nate Geraci took to X to share the news. So now, one of the 8 left the race and 3 have filed the amended S-1.
Crypto was able to shift the stance of some in the highest rungs of government but not Vanguard, who maintains their platform ban for Ether ETFs which are "not aligned" with building a well-balanced, long term portfolio. 🔥 https://t.co/0JjiWzvxBX
— Eric Balchunas (@EricBalchunas) May 30, 2024
Eric Balchunas reshared the post and shared that despite ETH being able to convince other players, Vanguard continued to ban Ether ETFs as those are not aligned with its objective to building a well-balanced, long-term portfolio.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
