Spot Ether exchange-traded funds (ETFs) could potentially start trading in the United States by July 2, according to Bloomberg ETF analyst Eric Balchunas.
“We are moving up our over/under date for the launch of spot Ether ETF to July 2nd,” Balchunas posted on June 15.
He noted that the United States Securities and Exchange Commission’s (SEC) staff comments on the spot Ether ETF applicants’ S-1 applications were “pretty light, nothing major,” and requested them back within the week.
“Decent chance they work to declare them effective the next week and get it off their plate before the holiday weekend. Anything is possible but this is our best guess as of now,” he added, referring to U.S. Independence Day on July 4.
These comments marked a shift in confidence from the previous day when Balchunas mentioned that Ether ETF applicants were still awaiting feedback from the Division of Corporation Finance, a division of the SEC that oversees firm disclosures. He had been debating whether to postpone his July 4 prediction.
On May 23, the SEC approved eight 19b-4 filings to list spot Ether ETFs on various U.S. exchanges.
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However, these ETFs can’t start trading until they receive the necessary S-1 registration statement approvals.
SEC Chair Gary Gensler offered a broader timeframe for the potential approval date of spot Ether ETFs, suggesting they might begin trading within the next three months, by the end of September.
Just a week earlier, Gensler mentioned that the speed of Ether ETF approvals would depend on how quickly issuers could address the SEC’s comments.
While some traders hope that Ether’s price might follow Bitcoin’s trajectory after the spot Bitcoin ETF approval on January 11, which led to record highs of $73,679 by March 13, not everyone shares this optimism.
On June 3, Stephen Richardson, managing director of financial markets at Fireblocks, argued that spot Ether ETFs might not see the same day-one inflow as spot Bitcoin ETFs did, citing the asset’s more complex use cases.
“What’s missing is widespread consensus that effectively evaluates the utility or utilization rate of the Ethereum blockchain,” he said in comments to Cointelegraph.
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