ETF issuers are rushing to submit documents, is there a chance for Ethereum spot ETF to be approved on 5/23?

Various ETF issuers are actively submitting their 19b-4 filings in the hope of obtaining SEC approval before 5/23. Despite Bloomberg significantly increasing the probability of approval to 75% yesterday, there is still much work to be done before the official launch of the ETF, which could take several weeks to months. Nevertheless, the community remains optimistic as ETH rose another 2.9% yesterday, reaching $3,800.

Ethereum spot ETF on the horizon? Could it be approved before 5/23? ETH surges 18% to $3,640

At Least Five Issuers Resubmitted Documents Yesterday

According to a tweet by ETF analyst James Seyffart from Bloomberg, at least 5 potential Ethereum spot issuers submitted revised 19b-4 documents yesterday, including Fidelity, VanEck, Invesco, Galaxy, Ark/21Shares, and Franklin, all submitting through the exchange CBOE.

ETF Launch Still Requires Time

Despite the active submissions, Seyffart openly admitted his previous misjudgment on X. However, he still believes there is a long way to go before ETFs are officially launched. The deadline for VanEck is 5/23, and SEC approval for the S-1 form is still needed.

Nevertheless, these documents prove that all the rumors, speculations, and chatters were accurate.

In fact, the issuers' 19b-4 documents need SEC approval first, followed by approval of the S-1, so the official launch of ETFs may take several weeks to months.

Assets May Only Account for 10-15% of Bitcoin's

According to ETF analyst Eric Balchunas from Bloomberg, the asset value of an Ethereum spot ETF may only account for 10-15% of a Bitcoin spot ETF. With an estimated total asset value of 58-88 billion USD compared to the current 586 billion USD of eleven Bitcoin spot ETFs. However, Balchunas stated that this is already quite good for a newly issued ETF.