Bitwise asset manager submitted an updated S-1 form for an Ethereum-based spot exchange-traded fund a few days before the July 8 deadline.
Sources told The Block that the SEC did not give an exact time for reviewing the documents, but the companies may receive approval by the end of next week.
Bloomberg stock analyst Eric Balchunas drew attention to the early submission of a revised form from Bitwise.
Bitwise just filed amended S-1 for spot Eth.. which wasn't 'due' until July 8th. Prob just wanted to get it off their plate and from what I hear the last round of comments were 'literally nothing' = took zero time to update. Also, no fee yet. Prob get those next week-ish. pic.twitter.com/1r8xgKcdyC
— Eric Balchunas (@EricBalchunas) July 3, 2024"Probably [the company] just wanted to take this burden off its shoulders, and as far as I know, the last round of comments was "literally nothing," that is, the update took zero time," the expert noted.
He added that "no one really knows why the SEC is in no hurry" to approve the ETF. Considering how simple the comments were, the instruments could have already started trading, Balchunas believes.
The analyst suggested a delay due to a "problematic issuer" or simply "summer laziness and vacations." He still expects the launch of funds based on the second largest cryptocurrency by capitalization this month.
The S-1 approval is the second part of the two-step process of launching exchange-traded funds. On May 23, the SEC approved forms 9b-4 from issuers, but the regulator has no time limits for reviewing S-1.
The chairman of the regulator, Gary Gensler, during a hearing in the Senate Appropriations Committee, outlined the registration deadline as "sometime by the end of this summer." He added that the application review process is "going smoothly."
Recall that in early June, Bloomberg stock analyst Eric Balchunas allowed the launch of spot Ethereum funds on July 2. Reuters gave a similar forecast: according to the agency, the approval of the products by the Commission was expected on July 4.
https://forklog.com/news/v-bernstein-sprognozirovali-snizhennyj-spros-na-ethereum-etf