SEC requires Ethereum ETF issuer to submit S-1 amendment by Friday

According to a report from The Block, sources revealed that the U.S. Securities and Exchange Commission (SEC) has requested Ethereum spot ETF issuers to submit revised S-1 forms by Friday. Companies that have already submitted revised documents include VanEck, BlackRock, and Grayscale. Bloomberg ETF analysts estimate that an Ethereum spot ETF could be launched in early July.

News: SEC Requires Issuers to Submit S-1 by Friday

After the approval of Form 19b-4 on May 23, the only remaining step is for the S-1 form to become effective before trading begins. However, unlike the Bitcoin spot ETF which, after the approval of Form 19b-4, saw the S-1 form approved hours later, this time the SEC changed course at the last minute. Progress is being made nonetheless. Sources reveal that the SEC has requested issuers to submit S-1 amendment documents by Friday. Subsequently, the SEC will provide initial feedback.

Immediately after the approval of Form 19b-4, VanEck submitted a revised version of the S-1 form. Following suit on May 29, BlackRock submitted as well and has injected $10 million in seed funding.

BlackRock has submitted an updated Ethereum ETF document, with $10 million in seed funding in place, possibly set to launch in early July?

Grayscale Also Submits Amended Documents

Meanwhile, Grayscale also submitted on May 30. Grayscale's application is to convert its Ethereum Trust ETHE into an Ethereum spot ETF. Launched in March 2019, Grayscale's Ethereum Trust is the world's largest ETH investment tool, with assets currently totaling $11 billion. The discount rate has also reduced from 25% to 1.31% as the ETF approval approaches.

According to Bloomberg ETF analyst Eric Balchunas, there is a chance for the Ethereum spot ETF to launch by the end of June, with a deadline set for July 4.