Galaxy Digital’s head of asset management, Steve Kurz, recently shared some exciting news regarding the potential launch of a spot Ethereum ETF by the end of July. In a recent interview with Bloomberg, Kurz expressed confidence in the approval process, stating that Galaxy has been working closely with the SEC for months to navigate the regulatory landscape.
According to Kurz, the upcoming spot Ethereum ETF from Galaxy will be similar to the firm’s existing spot Bitcoin ETF, which was created in partnership with Invesco. He emphasized that Galaxy understands the regulatory requirements and processes involved, and is optimistic about the SEC’s engagement in the approval process.
In addition to the Ethereum ETF, Kurz also mentioned the possibility of more crypto ETFs gaining approval in the near future. He highlighted the growing demand for such investment products, particularly among retail and institutional investors. Despite regulatory challenges, Kurz remains hopeful that the approval process will continue, even under the current administration.
Furthermore, Kurz discussed the recent proposals for Solana (SOL) ETFs by two firms, noting Galaxy’s significant exposure to the blockchain as its largest validator. However, he stressed the importance of broader legislation that would allow for the creation of new crypto ETFs beyond just Solana. Kurz suggested that the establishment of a Solana CME futures market could be a key step towards launching a Solana spot ETF.
Galaxy’s predictions align with those of Bloomberg ETF analyst Eric Balchunas, who anticipates the launch of spot Ethereum ETFs shortly after July 8. The SEC has reportedly requested amendments to S-1 registration forms from Ethereum ETF issuers by that date, indicating progress towards final approvals. Balchunas previously forecasted a July 2 launch date for the ETFs, highlighting the regulatory steps necessary for asset managers to issue these funds for trading.
Overall, Galaxy’s optimistic outlook on the future of crypto ETFs, especially Ethereum, reflects the growing interest and demand for such investment products in the market. As regulatory hurdles are addressed and approval processes move forward, investors may soon have access to a wider range of crypto ETFs to diversify their portfolios and participate in the digital asset space.
