Bitwise Amends SEC Filing for Spot Ethereum ETF, Launch Anticipated Soon

Jimmy Aki
Last Updated:

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Asset management firm Bitwise has taken a significant step towards launching a spot Ethereum exchange-traded fund (ETF) by amending its S-1 registration with the United States Securities and Exchange Commission (SEC).

The July 3 filing outlines Bitwise’s plans to list and trade shares of the ETF on NYSE Arca, marking a potential milestone in the cryptocurrency investment landscape.

Bitwise Key Filing Details

The amended filing includes a notable six-month fee waiver for up to $500 million, potentially making the ETF more attractive to early investors.

While Bitwise hasn’t specified an exact launch date, the company stated it would proceed “as soon as practicable after the effective date of this Registration Statement.”

Industry experts are closely watching these developments as Bloomberg ETF analyst James Seyffart stated that the crypto community should “expect more from other issuers throughout the rest of the week.”

The amendment filing follows the SEC’s approval of eight spot Ethereum ETF 19b-4 filings in May, which included Bitwise along with other major financial players such as Ark, BlackRock, Fidelity, Franklin Templeton, Grayscale, Invesco Galaxy, and VanEck.

Market Projections and Regulatory Delays on Ethereum ETFs

Following the approval, market analysts have been optimistic about the price projections for Ether if the Ethereum ETFs get fully approved and listed for trading.

In June, Bitwise’s Chief Investment Officer projected that these products could see around $15 billion in net flows during their first 18 months on the market.

However, the regulatory process has been slower than many anticipated.

Bloomberg ETF analyst Eric Balchunas reacted to the tardy process by saying, “No one really knows why the SEC is taking their sweet time with these; given how light comments were, these could have easily been trading by now.”

Despite the delay, Balchunas believes a launch could still occur this month and cited that regulatory landscape remains a key factor in the ETF’s launch timeline.

Likewise, in a June Senate Banking Committee meeting, SEC Chair Gary Gensler indicated that the commission could give final approval to the S-1s “sometime throughout the summer” without specifying a date.

The cryptocurrency market has shown sensitivity to these regulatory developments since the SEC approved the 19b-4s in May.

Ethereum’s price experienced a notable spike briefly after the announcement, and analysts anticipate that the final approval could provide a much-needed boost to Ethereum’s value, especially given current market conditions.

As of the time of writing, Ether’s price stands at approximately $3,123, reflecting a downturn in the broader cryptocurrency market following a recent selloff.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.