BlackRock Spot Ethereum ETF Now Updated With New Form S-1

Key Points:

• BlackRock spot Ethereum ETF has been updated to form S-1, a crucial step toward launching its spot Ethereum ETF, following SEC approval of its 19b-4 filing.
• While BlackRock progresses, Hashdex withdraws its bid for a spot Ethereum ETF.

BlackRock updated its Form S-1 for the iShares Ethereum Trust (ETHA) with almost a week has elapsed since the Securities and Exchange Commission approved its 19b-4 filing, both crucial to the launch of the BlackRock spot Ethereum ETF.

BlackRock Spot Ethereum ETF Pushed To Launch With New Update

The updated S-1, filed on May 29, 2024, signifies strong progress toward the launch of the BlackRock spot Ethereum ETF. The SEC recently initiated discussions with Ethereum ETF issuers regarding their S-1 registration forms and emphasized that the documents required additional refinements.

Approval of the spot Ether ETFs from major financial entities, including VanEck and Fidelity, signals the SEC’s growing interest in such financial products. BlackRock spot Ethereum ETF has made headlines, where analysts point to the detailed disclosures in the amended S-1 form, indicative of BlackRock’s firm commitment.

“This is almost certainly the engagement we were looking for on the S-1’s following the 19b-4 approvals,” Bloomberg ETF analyst James Seyffart said. “Issuers and SEC are working towards spot Ethereum ETF launches.” His colleague, Eric Balchunas, said that this could signal that the market will see even more filings coming, with a potential launch date at the end of June or early July.

Hashdex Withdraws From Spot Ethereum ETF Race

In a sign of significant investment, on May 21, 2024, an affiliate of BlackRock, Seed Capital Investor, purchased 400,000 shares at $25.00 each, showing significant investment and confidence in the ETF’s performance. This investment demonstrates BlackRock’s readiness to lead in Ethereum-based financial products.

The updated filing coincided with the significant industry development of Hashdex withdrawing its bid for a spot Ether ETF just a week after it didn’t receive approval from the SEC. The reasons behind Hashdex’s withdrawal are still unclear, and the company has not yet shown any intention of resubmitting its proposal.