Bitwise Aims to Launch Ethereum ETF Following SEC Statements
Bitwise, an asset management firm, has made adjustments to its S-1 registration with the United States Securities and Exchange Commission (SEC) to introduce and trade shares of an Ether exchange-traded fund (ETF).
Bitwise’s Registration Amendment
On July 3, Bitwise submitted an updated Form S-1 registration to the SEC, which includes a provision for a six-month fee waiver amounting to $500 million.
- The filing did not specify a precise listing and trading commencement date on NYSE Arca.
- However, it mentioned that trading would begin “as soon as practicable after the registration’s effective date.”
Bloomberg ETF analyst Eric Balchunas observed that Bitwise revised its S-1 before the July 8 deadline, indicating a swift and efficient process.
“Bitwise just filed amended S-1 for spot Eth… which wasn’t ‘due’ until July 8th. Prob just wanted to get it off their plate and from what I hear the last round of comments were ‘literally nothing’ = took zero time to update. Also, no fee yet. Prob get those next week-ish.” – Eric Balchunas
He speculated that the SEC’s delayed approval might be caused by a problematic issuer or due to the usual slowdown during the summer months.
Potential Summer Approval Timeline
Following the SEC’s approval of spot Ether ETF 19b-4 filings from eight asset managers on May 23, the crypto investment community has eagerly awaited further progress from the regulatory body.
- In a June 13 Senate Banking Committee hearing, SEC Chair Gary Gensler indicated that the approval process for Ethereum exchange-traded products was proceeding smoothly.
- Gensler mentioned that S-1 registration approvals for asset managers were expected “sometime over the course of this summer.”
Bitwise originally submitted its S-1 for an Ether ETF in March amidst speculations that Ethereum might be classified as a security by the SEC. However, recent court filings have suggested that this consideration has been set aside.
Impact of SEC Statements on Approval Process
The remarks made by SEC Chair Gary Gensler in various public appearances have played a significant role in shaping the approval timeline for spot Ether ETFs.
- During a June 5 CNBC interview, Gensler hinted at potential delays in the approval process, noting that the next steps would “take some time.”
- Analysts have expressed surprise at the SEC’s prolonged evaluation period, given the minimal comments received, suggesting a quicker turnaround was feasible.
Closing Thoughts on Bitwise’s Ether ETF
The anticipation surrounding Bitwise’s amendment to its S-1 registration for an Ether ETF reflects the crypto community’s eagerness for more diverse investment opportunities in the digital asset space.
Stay tuned for further updates as the SEC navigates the approval process for spot Ether ETFs.
By
By
By
By
By