Spot Ethereum ETF Issuers Asked by SEC To Submit Updated S-1 Filings By Friday

The U.S. Securities and Exchange Commission (SEC) has reportedly asked spot Ethereum ETF issuers to submit updated S-1 filings by Friday, as per sources familiar with the matter. However, the spot Ether ETFs may not be available for trading for weeks after S-1 updates.

SEC Seeks Updated S-1 Filing From Spot Ethererum ETF Issuers

The spot Ethereum ETF issuers are asked to submit their draft S-1 filings by Friday, as per sources familiar with the SEC’s communication to issuers. The SEC approved spot Ether ETFs last week after 19b-4 forms were filed following a last-minute change in the SEC’s interest in favor of spot Ether ETFs, which experts believed happened after political pressure.

The updated S-1 filing will follow comments by the U.S. SEC, with further amendments to S-1 expected for weeks before spot Ether ETFs get listed for trading. As per experts, the SEC could ask spot Ether ETF issuers to go thorough two additional rounds of updates before a final decision on the listing.

Nate Geraci, the host of ETF Prime Podcast, said “There would still be addn’l amendments following this. But SEC clearly engaging fairly quickly here.”

BlackRock filed an updated S-1 for iShares Ethereum Trust, signaling a strong move towards launching a spot Ethereum ETF. Whereas, Hashdex withdrew its spot Ethereum ETF proposal due to unreported reasons. VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy and BlackRock’s iShares Ethereum Trust are proceeding with spot Ether ETF.

Also Read: Bitcoin (BTC) Rebound Likely As MVRV Ratio Shows Ongoing Accumulation Phase

ETH Market Reaction

Bloomberg analyst Eric Balchunas earlier suggested that the market reaction to Ethereum ETFs will not be as enthusiastic as the reaction to spot Bitcoin ETFs.

ETH price jumped 1% in response to the news of the SEC asking for an updated S-1 filing. The price surpassed $3,800, with a 24-hour low and high of $3,702 and $3,823, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating the buying came from whales or big investors.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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