Here’s when BlackRock’s Spot Ethereum ETF could launch after the updated S-1 filing

BlackRock has submitted a revised registration statement for its proposed Ethereum ETF. The updated S-1 filing also included details about the company’s seed equity investor.

Now, analysts are suggesting that US Ether spot exchange-traded funds (ETFs) could launch by the end of June.

BlackRock discloses information for seed investors

The world’s largest asset manager filed an amended S-1 registration statement nearly a week after the US Securities and Exchange Commission (SEC) approved Forms 19b-4 for eight Ethereum ETFs, including its proposed iShares Ethereum Trust. Both filings need approval before the ETF can begin trading.

In the update, BlackRock disclosed information about its initial equity investor, who committed to acquire shares worth $10 million on May 21, 2024. Ultimately, the investor received 400,000 shares at a price of $25.00 each. The asset manager also said the shares will be listed and trade under the symbol “ETHA.”

Eric Balchunas provided information on the development, expressing optimism about its importance. He predicted others would soon follow, likely accompanied by another round of fine-tuned staff feedback. While Balchunas suggested a late June launch as feasible, he emphasized the higher odds of approval around July 4, calling an earlier approval a “long shot.”

Good sign. You will probably see the break soon. Then try one more round of fine-tuning staff feedback. End of June start a legit possibility though keeping my o/u date July 4th https://t.co/WymshkTvat

— Eric Balchunas (@EricBalchunas) May 29, 2024

Bloomberg ETF analyst James Seyffart noted that BlackRock’s updated S-1 is “almost certainly the commitment we were looking for in the S-1s after the 19b-4 approvals. Issuers and the SEC are working toward the release Ethereum ETF spot.”

Hashdex withdraws Spot Ethereum ETF proposal

This development comes on the same day as a filing that showed Hashdex recently withdrew its proposal for a spot Ether ETF, a day after its competitors, including BlackRock and seven other issuers, received approval.

No information has been provided on the reasons for Hashdex’s decision or whether it plans to resubmit its proposal. According to its initial filing in September 2023, Hashdex’s proposal for a cash Ethereum ETF combined cash Ether holdings with Ether futures contracts within the same product to reduce potential manipulation risks.

Hashdex also aimed for its Ether ETF spot to reflect daily changes in the Nasdaq Ether benchmark price to address regulatory concerns about market manipulation.

Competitors such as Fidelity, ARK 21Shares and Franklin Templeton have focused solely on points-based Ether ETFs, making subsequent amendments such as removing support for ETH holdings in response to SEC comments.

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