Eric Balchunas, an analyst at Bloomberg Intelligence who has been covering crypto-related ETFs in the US, stated that ETH ETF issuers received word from the Securities and Exchange Commission (SEC) that they can issue their products on exchanges starting Tuesday, July 23. Issuers will have to submit their final S-1 forms by this Wednesday—the SEC relayed it had no more comments to add or questions to ask.
Balchunas said on X, “hearing SEC finally gotten back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH.” Of course, one can never be too sure with the SEC until they witness the launch, “This is provided no unforeseeable last min issues of course!” he added.
As issuers scramble to submit the final versions of their forms this Wednesday, they must include the management fees they will charge investors. So far, Invesco, Galaxy Digital, Franklin Templeton, and VanEck have announced their fees. The first two will charge 0.25% while Franklin Templeton and VanEck 0.19% and 0.20%, respectively. The other issuers, BlackRock, Grayscale, Fidelity, ARK 21Shares, and Hashdex, are yet to announce their fees.
Analysts and entities claim that ETH ETFs will attract billions of dollars a few months into launch, mimicking BTC ETFs’ success. Gemini claims ETC ETFs will attract $5 billion within six months. Steno Research thinks it will be higher at $20 billion.
This development with ETH ETFs puts them at the final step in the approval process. All that is needed now is a formal announcement from the SEC, likely to occur after the final application submissions on Wednesday. The regulator had claimed the ETFs would be approved within this summer. That led analysts to speculate the exact date. Most settled on it happening sometime in July, and that is looking like it.
