VanEck, an established wealth manager, has sent the SEC an updated S-1 registration statement in order to start an Ethereum (ETH) ETF that tracks spot prices. The securities regulator gave all issuers until Monday to make changes to their papers, and this filing was made on time.
This is the identical thing that Bitwise, another crypto ETF manager, did when it filed its S-1 on July 3. By the end of the day, other companies should also send in their updated packages.
A Bloomberg analyst said that VanEck’s updated file had few changes and was mostly about following the right steps.
ETF approval path for Ethereum
Both VanEck and Bitwise have already shared important information about their spot Ethereum ETFs, such as waiving the original fees. To start trading, these ETF plans need rule changes spelled out in 19b-4 forms and S-1 filings to be approved by the SEC. This will allow ETF shares to be listed on authorized national exchanges.
In May, the SEC approved eight 19b-4 forms that possible issuers of spot ETH ETFs had sent in. This was the first step in a two-step approval process. This event made people more confident that these Ethereum investment goods would soon be available.
Trading could start as early as next week, according to CNBC. This is in line with what SEC Chair Gary Gensler said in front of a Senate committee: spot ETH ETFs were likely to debut this summer.
When spot Bitcoin (BTC) ETFs were released in January, the price of Bitcoin shot up to an all-time high. It has since gained over 33% year-to-date, even though the market has been going up and down recently.
A great deal of people are wondering if Ethereum’s price will go in the same direction once spot ETH ETFs are available. Some people, like Carlos Mercado, a data scientist at Flipside Crypto, think that institutional adoption could lead to higher yields and price increases for ETH over the long run. Even so, Ethereum’s value has dropped 18% in the last month, along with the rest of the market.
