Key Points
- BlackRock just updated its S-1 form for Ethereum ETF.
- Analysts believe that a June launch for the crypto products is a “legit possibility.”
On May 30, Bloomberg’s analyst Eric Blachunas shared a post via X, revealing that BlackRock filed an updated version of its Ethereum ETF S-1 application.
BlackRock’s iShares Ethereum Trust is called ETHA and the S-1 form for the crypto product has been updated for the SEC nearly a week after the regulator approved the 19b-4 filing for spot Ethereum ETFs.
In order for the crypto products to start trading, both types of filings have to be approved.
On May 23, the SEC approved the listing of eight spot Ethereum ETFs.
The regulator approved the proposal of Grayscale and Bitwise to trade on the NYSE stock exchange; iShares (BlackRock) on Nasdaq; along with VanEck, ARK/21 Shares, Invesco, Fidelity, and Franklin Templeton on the Cboe BZX stock exchange.
Potential rollout for Ethereum ETFs in June
Blachunas said via his X post that the fact that BlackRock has already updated its S-1 form is a sign that we might see the rollout of the crypto products in June.
Good sign. Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th https://t.co/WymshkTvat
— Eric Balchunas (@EricBalchunas) May 29, 2024
Balchunas also believes that we might see an accelerated approval in mid-June, but he is not sure whether the Staff has time to hurry things up. He mentioned the political goal of the Democrats which doesn’t appear to be anti-crypto anymore, and there is no reason to rush things.
Sure but long shot. Unknown tho is if the Staff has been time to hurry this up. I doubt it since the political goal of Dems not appearing anti-crypto has already been achieved by simply not rejecting them. No real reason to rush
— Eric Balchunas (@EricBalchunas) May 29, 2024
Bloomberg’s analyst James Seyffart also shared a post on X, saying that the BlackRock move is almost certainly the engagement the industry is looking for on the S-1 forms following the 19b-4 approvals. He said that issuers and SEC are working towards Ethereum ETF launches.
Blachunas recently changed a previous prediction that he made regarding Ethereum ETFs.
He shared a post on X, saying that ETH ETFs could divide the success of Bitcoin ETFs by 5 (when he previously said 10 instead of 5) when it comes to expectations regarding flows, volume, media, and everything else related to the products.
He expects ETH ETFs to grab 20% of what Bitcoin ETFs managed to accomplish.