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News

Ethereum ETF Issuers Are Still Waiting for SEC Comments on Their S-1 Filings This Week

June 11, 2024 - Around 2 mins mins to read

Key Points:

  • Ethereum ETF issuers await SEC comments on their S-1 filings submitted on May 31, now expected this week.
  • The S-1 forms, requiring detailed business and security information, are the second step after the 19b-4 form approvals on May 23.
According to The Block, Ethereum ETF issuers continue to eagerly anticipate feedback on their S-1 filings from the U.S. securities regulator.
Ethereum ETF Issuers Are Still Waiting for SEC Comments on Their S-1 Filings This Week

Ethereum ETF Issuers Are Waiting for Feedback on Filings

Those initial drafts were sent to the SEC on May 31, yet the regulator has not provided comments back. Ethereum ETF issuers were expecting comments to be sent back from the regulator on June 7 after conversations with the regulator, yet at least two have not received comments back and now have a target for comments returning this week.

The S-1 forms are critical for the two-step process to be able to list spot Ethereum ETFs to trade. These forms ask for detailed information about the planned use of capital proceeds, current business model, competition, and a brief prospectus of the planned security, including the offering price methodology and any potential dilution to other listed securities. The approval of the 19b-4 forms was completed on May 23.

Still, Ethereum ETF issuers are seemingly optimistic, with one source saying the S-1 forms likely have two more rounds of draft filings before they will be finally approved. This timeframe would be consistent with comments SEC Chair Gary Gensler made that the approval process will “take some time,” sources say.

Issuer Preparations Amid Uncertain Timeline

VanEck filed an amended version of its S-1 form on the same day the ETFs were approved. And on May 30, per the filings, BlackRock detailed its ETF would be seeded with $10 million. Franklin Templeton, meanwhile, said in the prospectus it plans to start its ETFs with a 0.19% fee.

The SEC has not provided concrete deadlines on feedback or final approval, leaving Ethereum ETF issuers playing the waiting game and watching idly as their ETFs remain on pause.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.