Is BlackRock's Spot Ether ETF Secretly Set to Launch in June Following Their S1 Filing?
Ready to Ride the Ether Wave?
My Dear Readers!
Big news in the crypto world! BlackRock has made a significant move towards launching its spot Ether (ETH) exchange-traded fund (ETF). On May 29, BlackRock updated its Form S-1 for the iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission (SEC). This move follows the SEC’s recent approval of its 19b-4 filing, both crucial for the ETF to begin trading.
Analysts Weigh In
Bloomberg ETF analyst Eric Balchunas views this update as a positive indicator. In a May 29 post on X, he stated, “Good sign. [Probably] see rest roll in soon.” He anticipates another round of fine-tuning SEC comments but believes a late June launch is a "legit possibility." However, Balchunas suggests that a launch by July 4th is more probable, with an earlier approval being unlikely.
Fellow Bloomberg ETF analyst James Seyffart echoed these sentiments, noting that BlackRock’s updated S-1 demonstrates active engagement between issuers and the SEC towards launching spot Ethereum ETFs.
Seed Capital and Ticker Information
BlackRock’s amended S-1 filing revealed details about its seed capital investor. A BlackRock affiliate firm agreed to purchase $10 million in shares on May 21, 2024, acquiring 400,000 shares at $25 each. The ETF is set to list and trade under the ticker “ETHA.”
Market Implications
Analysts predict that the launch of these ETFs could drive ETH to new highs, as Wall Street investors might view them as a bet on Web3’s growth. However, there are concerns about potential price pressures. The Grayscale Ethereum Trust (ETHE) could face significant daily outflows, averaging $110 million, for weeks following its conversion, which might affect ETH’s price.
With BlackRock and other major players moving towards launching spot Ether ETFs, the market is watching closely. If the SEC approvals continue to progress smoothly, investors could see these ETFs trading by late June or early July, potentially transforming the landscape for ETH investments.
Also Read
Ripple VS. SEC: Ripple Strikes Back to Save Business Integrity in New Motion Reply
Consensus2024: David Schwartz on Ripple’s Next Big Steps
Rep. Patrick McHenry Predicts Crypto Law by 2025 Amid Bipartisan Support
Any Feedback?
Get in touch with us here