BlackRock files Ethereum ETF update, $10 million in seed funding secured, expected to launch in early July?

After the U.S. Securities and Exchange Commission (SEC) approved eight Ethereum ETFs on Form 19b-4 in the past week, BlackRock has submitted a revised S-1 registration statement. The issuer still needs approval of their S-1 statement before they can begin trading. According to Bloomberg ETF analyst Eric Balchunas, Ethereum spot ETFs could potentially launch in early July.

Approval of the eight Ethereum spot ETFs confirmed, issuance and listing still pending

BlackRock's ETHA iShares Ethereum Trust

BlackRock's Ethereum spot ETF, iShares Ethereum Trust, has submitted an updated S-1 registration statement for listing and trading on Nasdaq under the ticker symbol "ETHA". The trustee is BlackRock Fund Advisors, the Delaware trustee is Wilmington Trust, the Ethereum custodian is Coinbase Custody Trust Company, LLC, the cash custodian and trust administrator is BNY Mellon Bank.

Authorized participants will only deliver cash to create shares and will receive cash upon redemption of shares. The confirmed authorized participants currently include Capital Markets Corp., Jane Street Capital, LLC, Macquarie Capital USA Inc., and Virtu Americas LLC.

As of May 21, 2024, the trust's net asset value is $10,000,000, with a net asset value per share of $25 on the day seed capital investors purchase the seed creation basket.

The trust, the sponsor, the Ethereum custodian, or any other person related to the trust will not directly or indirectly engage in pledging activities.

Ethereum ETF Could Be Officially Launched in Early July?

Bloomberg ETF analyst James Seyffart believes it could be a matter of weeks before the official launch, as a week has already passed. However, he also added that typically it takes a few months.

Another analyst, Eric Balchunas, estimates a potential launch by the end of June, but he extends the date to July 4. Regarding BlackRock's S-1 update form, Balchunas mentioned that it did not disclose the fee rate, so it is not the final version yet.