Ethereum ETF Issuers To Submit First Round of S-1 Filings by Friday

• SEC asks Spot Ethereum ETF issuers to submit their amended S-1 filings by Friday.
• S-1 filings may take at least two rounds of draft submissions before getting ready.
• Grayscale submitted revised S-3 registration statements after VanEck and BlackRock submitted their S-1.    

The SEC has asked the Spot Ethereum ETF issuers to hand in their updated S-1 filing by Friday. At least two rounds of draft submissions are expected before the S-1 filings can be finalized. Wu Blockchain, a popular Chinese researcher, reported the Spot Ethereum ETF S-1 draft submissions and the first round of comments and modifications.

First Round of SEC Comments Expected Following S-1 Form Submission

With the approval of 19b-4 forms on May 23, the last step before the trading of Spot ETH ETF is for the S-1 forms to become effective. However, due to the last-minute change of stance by the SEC, the S-1 forms weren’t prepared in advance. Experts believe the sudden change in the SEC’s interest in approving Spot Ether ETFs might be political.

The SEC has requested that the issuers submit the S-1 forms by Friday. After that, the regulators will provide the first round of comments and further amendments.    

Grayscale, BlackRock, and VanEck Lead the Charge

Grayscale submitted its amended S-3 registration statement on Thursday. The filing included the number of shares needed to create a Basket of 100 Shares.    

As of May 28, 2024, the number of Ether required to create a Basket of 100 Shares is approximately 0.94552590 Ether, and the number of Ether required to create a Basket of 10,000 Shares after giving effect to the Amended Trust Agreement would have been 94.552590 Ether.

BlackRock filed its amended S-1 statement a day before Grayscale and stated that its ETF would be seeded with $10 million. VanEck filed its revised statement of S-1 form on the day the ETF got approval.

Eric Balchunas, a Bloomberg ETF analyst, commented there’s a legit possibility that the Spot Ethereum ETF would launch at the end of June. He added that he had high hopes for it to be launched on July 4.