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Spot Ethereum ETF launch delayed by SEC comments

Validated Media

The launch of United States-based spot Ether exchange-traded funds (ETFs), which many expected to occur as early as July 2, has been delayed by the U.S. Securities and Exchange Commission (SEC). 

According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the SEC has taken additional time to return the S-1 forms submitted by prospective spot Ether ETF issuers, pushing the launch to mid-July or later.

SEC comments delay process

The SEC commented on the S-1 forms and requested resubmissions by July 8. According to Balchunas, this new timeline means the launch of the spot Ethereum ETFs could be postponed until mid-to-late July.

ETF Store president Nate Geraci noted that the last round of S-1 revisions was relatively minor, predicting that the SEC would clear issuers for trading within 14–21 days. Although the exact timeline remains uncertain, the SEC has indicated a potential launch this summer.

  Source: Eric Balchunas

Earlier in June, Balchunas predicted an early July ETF launch window based on a lack of significant commentary from SEC staff on the ETF applicants’ S-1 filings.

Two-step process for Ethereum ETFs

The approval of the S-1 forms is the second part of a two-step process required for the ETFs to go live. The first part involved the approval of the issuers’ 19b-4 forms in May. The SEC approved 19b-4 filings from eight ETF bidders on May 23.

Unlike the 19b-4 forms, the S-1 forms are not bound to a specific deadline, leaving issuers reliant on the SEC’s timeline for review and approval.

On June 26, SEC Chair Gary Gensler confirmed that the approval process for spot Ether ETFs is progressing smoothly.

The SEC has approved a rule change allowing major issuers, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Invesco, to participate in the process. Additionally, issuers such as VanEck have filed 8-A forms preparing for listing on exchanges by July 8.

However, Gensler claimed that listing spot Ether ETFs on stock exchanges could take months and may not happen until September. Gensler put the onus of the Ether ETF listings on the applicants and claimed the process depends entirely on their response times.

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