Ethereum

BlackRock

United States spot Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) exchange-traded funds (ETFs) have a “legit possibility” of launching by late June, according to analysts, after BlackRock updated a key filing necessary for launch.
On May 29, BlackRock <a href="https://www.sec.gov/Archives/edgar/data/2000638/000143774924018610/iset20240522_s1a.htm" target="_blank" rel="noopener nofollow">updated</a> its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission nearly a week after the regulator approved <a href="https://cointelegraph.com/news/sec-spot-ether-etf-approved">its 19b-4 filing</a> — both need approval for the ETF to start trading.
“Good sign. [Probably] see rest roll in soon.” Bloomberg ETF analyst Eric Balchunas said in a May 29 X <a href="https://x.com/EricBalchunas/status/1795934675380109479" target="_blank" rel="noopener nofollow">post</a>.
There will likely be another round to “fine tune” SEC comments, he added — but an “end of June launch [is] a legit possibility.” However, Balchunas kept his approval odds for around July 4, adding that an earlier approval would be a “long shot.”
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 Source: <a href="https://x.com/EricBalchunas/status/1795934675380109479" target="_blank" rel="noopener nofollow">Eric Balchunas</a>
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Bloomberg ETF analyst James Seyffart <a href="https://x.com/JSeyff/status/1795933440090452413" target="_blank" rel="noopener nofollow">said</a> BlackRock’s updated S-1 is “almost certainly the engagement we were looking for” as it shows “issuers and SEC are working towards spot Ethereum ETF launches.”
BlackRock’s amended S-1 gave information about its <a href="https://cointelegraph.com/news/crypto-blackrock-bitcoin-etf-hashkey-market-makers">seed capital investor</a> — the entity that allocates money to the fund so it can start trading.
Related: <a href="https://cointelegraph.com/news/5-things-ethereum-etfs-could-mean-for-altcoins">5 things Ethereum ETFs could mean for altcoins</a>
On May 21, the investor, a BlackRock affiliate firm, “agreed to purchase $10,000,000 in Shares on May 21, 2024, and on May 21, 2024 took delivery of 400,000 Shares at a per-Share price of $25.00,” the filing said.
The filing also noted the ETF would list and trade under the ticker “ETHA.”
It comes the same day as a filing shows Hashdex <a href="https://cointelegraph.com/news/hashdex-withdraws-spot-ether-etf-application">pulled its bid for a spot Ether ETF</a> just a day after the SEC approved it alongside BlackRock and seven other issuers.
A source familiar with the application told Cointelegraph that Hashdex “no longer intends to move forward with a single asset Ether ETF.”
Analysts say the ETFs will see ETH <a href="https://cointelegraph.com/news/ethereum-due-new-all-time-high-ether-etf-nears-end">reach new highs</a> as some speculate Wall Street will use it as a <a href="https://cointelegraph.com/news/ethereum-etf-call-option-on-web3-analyst-claims">bet on Web3’s growth</a>. Others speculate ETH could face price pressure as the Grayscale Ethereum Trust (ETHE) could see<a href="https://cointelegraph.com/news/grayscale-ethereum-etf-millions-daily-outflow-kaiko"> $110 million of average daily outflows</a> for weeks after it converts and its discount narrows.
Magazine: <a href="https://cointelegraph.com/magazine/ethereum-restaking-blockchain-dangerous/">Ethereum restaking — Blockchain innovation or dangerous house of cards?</a>

Ethereum ETF June launch ‘legit possibility’ as BlackRock files S-1

Cointelegraph

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