Ethereum ETF: Bitwise files amended S-1, aims for 4 July launch

ETH

As an experienced market analyst, I believe that the launch of Ethereum [ETH] ETFs is now imminent, with issuers submitting amended S-1s to the SEC. Bitwise, a digital asset manager and potential issuer, has taken the lead by submitting its amended registration statement on June 18th. Other issuers are expected to follow suit in the coming days. This is an exciting development for the crypto community, as ETFs have been identified as a key market catalyst that could boost Ethereum’s price in the summer.

As a market researcher, I’ve been closely monitoring the developments surrounding potential Spot Ethereum [ETH] Exchange-Traded Funds (ETFs). The much-anticipated amended S-1 registration statements from prospective issuers are the final hurdle before the Securities and Exchange Commission (SEC) gives its approval for their launch.

As a researcher studying the latest developments in the digital asset management industry, I can share that Bitwise, both a digital asset manager and potential issuer, initiated the final stage of its regulatory filing process on June 18th. The company submitted its amended S-1 to the relevant agency, however, the fees associated with this submission have yet to be incorporated.

Reacting to the update, Bloomberg ETF analyst James Seyffart noted,

As a crypto investor, I’m excited to share that I believe the filing from @BitwiseInvest marks the beginning of the series of amended Ethereum ETF S-1 documents. These filings will incorporate the adjustments suggested by the SEC during their initial review.

An analyst mentioned that Pantera Capital, a venture capital firm specializing in cryptocurrencies, intends to invest $100 million in the Ethereum ETF offering from Bitwise (ETHW).

It seems that Pantera intends to invest approximately $100 million into Bitwise Investments’ Ethereum ETF, referred to as $ETHW.

The VC reportedly pumped $200 million into Bitwise’s spot US BTC ETF product in January.

As a researcher, I’ve noticed that other companies are anticipated to file amended S-1 forms in the near future. According to Seyffart, these amendments may not necessitate substantial adjustments but could merely require minor modifications.

4th July in focus for ETH ETF approvals

Together with his coworker, Eric Balchunas, they believed that the approvals and launches of the products could be completed by the 4th of July.

Garry Gensler, the chairman of the Securities and Exchange Commission (SEC), has indicated that regulatory approvals could potentially be granted as early as summer. The consensus among financial market analysts is that these approvals may come through in early July.

Some people hold the opposing perspective regarding the institutional appetite for Ethereum ETFs. They argue that the absence of a “staking” feature may discourage some potential investors due to its perceived importance. However, others believe this assumption might be too narrow and overlook other potential institutional drivers.

Ophelia Snyder, a co-founder of digital asset manager 21Shares, argued that the absence of staking won’t deter institutional investors’ interest.

The executive noted that extending the lock-up period for staking could reduce availability of assets for trading, thereby impacting market liquidity.

During the same period, ETH experienced a 4% increase in value and was priced at around $3,540. Moreover, large Ethereum investors, or “whales,” were active in the market, anticipating the potential debut of an Ethereum Exchange-Traded Fund (ETF) in early July.

2024-06-20 00:07

4th July in focus for ETH ETF approvals

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