Spot Ethereum ETF Issuers Have Deadline Until Friday to Update S-1 Forms

Key Points:

• The SEC mandates spot Ethereum ETF issuers, including BlackRock and VanEck, to submit S-1 draft forms by a set deadline.
• Following the approval of 19b-4 forms, spot Ethereum ETF issuers rapidly respond to SEC directives by amending S-1 filings, with BlackRock committing to seed its ETF with $10 million.

According to The Block, the United States Securities and Exchange Commission (SEC) has set a deadline for spot Ethereum ETF issuers, mandating the submission of the first round of S-1 draft forms by Friday.

SEC Sets Deadline for Spot Ethereum ETF Issuers

The approval of 19b-4 forms by the SEC on May 23 paved the way for this progression. However, the subsequent requirement for S-1 filings was a sudden shift, catching many issues off guard. As Coincu reported, BlackRock and VanEck have already complied with this requirement. Most recently, Grayscale also updated its S-3 registration statement.

In response to these developments, BlackRock has detailed plans to seed its ETF with $10 million. Conversely, Hashdex has withdrawn its proposal for a spot Ethereum ETF for undisclosed reasons.

Iterative Process Ahead Despite Last-Minute SEC Shift

Following the initial submissions, the SEC will provide feedback, initiating a process of further modifications. It’s expected that this iterative process will involve at least two more rounds of draft filings before the ETFs are deemed ready for trading.

Moving forward, the path to ETF trading remains contingent on the effective completion of the S-1 forms, a process that experts anticipate could span several weeks or even months for spot Ethereum ETF issuers. While seed investments are relatively straightforward to include, other aspects of the forms may require more extensive deliberation.