Asset management firm Bitwise recently made an amendment to its S-1 registration with the SEC to allow for the listing and trading of shares of a spot Ether exchange-traded fund (ETF). This move comes in response to SEC Chair Gary Gensler’s statement indicating that approvals for spot Ether ETFs could be finalized by the summer of 2024, potentially as early as July.
Bitwise filed the updated Form S-1 registration statement with the SEC on July 3, which includes a six-month fee waiver for investments of up to $500 million. Although the filing did not specify a precise launch date for listing and trading on NYSE Arca, it did mention that this would happen “as soon as practicable after the effective date” of the registration.
Bloomberg ETF analyst Eric Balchunas pointed out that Bitwise submitted the amended S-1 ahead of a July 8 deadline. He speculated that the quick update process may be due to minimal comments from the SEC, suggesting that the approval could have been granted sooner. Balchunas also mentioned that the SEC’s delay in approving spot Ether ETFs could be attributed to various factors, such as a problematic issuer or the typical slowdown during the summer months.
The SEC previously approved spot Ether ETF 19b-4 filings from eight asset managers on May 23, sparking anticipation within the crypto investment community for further developments. During a Senate Banking Committee hearing on June 13, SEC Chair Gary Gensler mentioned that the commission anticipated approving S-1 registration statements for asset managers sometime during the summer. He assured that the registration process for Ethereum exchange-traded products was progressing smoothly, with approvals for individual issuers expected in the near future.
Bitwise initially filed its S-1 with the SEC for shares of a spot Ether ETF back in March amid speculations that ETH could be classified as a security. However, court filings in June indicated that the SEC had dismissed this possibility, paving the way for the potential approval of spot Ether ETFs.
Overall, the recent amendment to Bitwise’s S-1 registration marks a significant step towards the listing and trading of a spot Ether ETF, aligning with the SEC’s ongoing efforts to navigate the evolving landscape of crypto investments and regulations. The anticipation surrounding the approval of spot Ether ETFs reflects the growing interest and demand for diversified investment options within the cryptocurrency market.
