Bitwise Updates S-1 Filing for Spot Ethereum ETF

Asset manager Bitwise has submitted an updated S-1 form for a spot Ethereum-based exchange-traded fund (ETF) just days before the July 8 deadline.

Sources from The Block indicated that the SEC has not specified an exact timeline for reviewing the documents, but companies might receive approval by the end of next week.

Bloomberg analyst Eric Balchunas noted the early submission of Bitwise’s revised form.

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 get this off their plate, and as far as I know, the last round of comments was ‘literally nothing’, meaning the update took zero time,” the expert noted.

He added that “nobody really knows why the SEC is not rushing” to approve the ETF. Given how simple the comments were, the instruments could have already started trading, Balchunas believes.

The analyst suggested the delay might be 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 market capitalization this month.

Approval of the S-1 is the second part of a two-step process for launching exchange-traded funds. On May 23, the SEC approved 9b-4 forms from issuers, but the regulator has no deadlines for reviewing the S-1.

During hearings in the U.S. Senate Appropriations Committee, SEC Chairman Gary Gensler indicated the registration timeline as “sometime by the end of this summer.” He added that the application review process is “going smoothly.”

Earlier in June, Bloomberg analyst Eric Balchunas suggested the launch of spot Ethereum funds on July 2. Reuters provided a similar forecast: according to the agency, the Commission’s approval of the products was expected on July 4.