There has been recent speculation by Bloomberg ETF analyst, Eric Balchunas, that US spot Ethereum ETFs could potentially launch in June. Balchunas has suggested that there is a legitimate chance that these spot Ethereum ETFs will be up and running by the end of June, although he believes an earlier mid-June launch is unlikely.
Balchunas’ expectations for the launch date of the spot Ethereum ETFs are influenced by the timing of issuers’ S-1 statements. BlackRock’s recent S-1 amendment, filed on May 29, did not include crucial information such as fees, leading Balchunas to believe that it is one of the final versions before the product can be launched. Grayscale also submitted an S-3 amendment on May 30, specifying a clear prohibition on staking, indicating that they are nearing the final steps before launch.
Political Motivations for the Funds
Eric Balchunas suggested that the SEC’s approval of the spot Ethereum ETFs could be politically motivated. He argued that by not rejecting the ETFs, the SEC has already achieved the political goal of not appearing anti-crypto, hence there is no rush to push for an immediate launch. Other industry experts like Cathie Wood and David Han have similarly expressed their belief that the SEC’s approval was driven by political considerations.
The SEC has asked other applicants to submit draft S-1 filings by May 31, after which the SEC will provide its first round of comments. Subsequent amendments can be made in response to the SEC’s feedback if necessary. While all ETH issuers have submitted S-1 or S-3 registration statements, only VanEck, apart from BlackRock and Grayscale, has submitted amendments since the SEC granted initial approvals for exchange rule changes ETFs on May 23.
James Seyffart, another Bloomberg ETF analyst, anticipates that the SEC process for approving S-1 statements could take weeks or even months. This indicates that there may still be some time before the US spot Ethereum ETFs are officially approved for trading.
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