On Monday, Bloomberg analyst James Seyffart provided an update on the anticipated launch of spot Ethereum ETFs, suggesting that their listing might still be weeks, or even longer, away despite recent developments. This announcement came amidst a flurry of activity from at least five potential Ethereum ETF issuers who have amended their filings.
Among the issuers who filed their amended 19b-4 forms through the Chicago Board Options Exchange (CBOE) are Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin. The primary change in these amendments was the removal of staking-related content, clearly stating that the fund’s Ethereum (ETH) cannot be staked by anyone.
Seyffart took to Twitter to highlight the significance of these filings, stating,
“It’s happening. We have at least 5 of the potential Ethereum ETF issuers that have submitted their Amended 19b-4’s in the last 25 min. Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE.”
Despite this progress, Seyffart cautioned that the actual launch of these ETFs could still be a considerable time away. He elaborated,
“Still a potentially long way from a launch. But these filings prove that all of the rumors and speculation and chatter have been accurate. Need to actually see SEC approval orders on all the 19b-4s AND THEN we need to see S-1 approvals. Could be weeks or more before ETFs launch.”
The removal of the staking language was the only substantial change noted in the revised filings. Seyffart remarked,
“This is the only meaningful & substantial change that I can find? Removing the staking language and adding very clear language that the Fund’s ETH cannot be staked by anyone.”
Despite these updates, Seyffart estimated the approval odds at 75%, though he acknowledged the unpredictable nature of the SEC’s decision-making process.
Ethereum ETFs Face Lengthy SEC Review Process
Adding to the complexity, Scott Johnsson of Van Buren Capital highlighted the extensive review period typically undertaken by the SEC. He pointed out that the SEC’s review of Bitcoin spot and futures S-1 forms took several months, suggesting a similar timeline could apply to Ethereum ETFs. Johnsson explained,
“SEC spent nearly 4 months reviewing and iterating BTC spot S-1s and 5 months reviewing BTC futures S-1s. If Division of Corporation Finance indeed was told about this potential approval yesterday, then they’re likely just getting started.”
In summary, while the recent filings mark a significant step forward, the actual launch of Ethereum ETFs remains uncertain and potentially weeks away.