The anticipated launch of spot Ether exchange-traded funds (ETFs) in the United States, originally expected around July 2, has been postponed by the U.S. Securities and Exchange Commission (SEC). According to Bloomberg analysts Eric Balchunas and James Seyffart, the SEC has extended the review period for the S-1 forms submitted by prospective spot Ether (ETH) ETF issuers, pushing the potential launch date to mid-July or later.
The SEC’s comments on the S-1 forms have necessitated resubmissions by July 8. Balchunas indicated that this revised timeline could defer the introduction of spot Ethereum ETFs until mid-to-late July. Nate Geraci, president of ETF Store, mentioned that recent S-1 revisions were minor, suggesting SEC clearance for trading could occur within 14–21 days. Despite the uncertainty regarding the exact timeline, the SEC has hinted at a possible summer launch.
Earlier in June, Balchunas had projected an early July window for ETF launches based on the lack of substantial feedback from SEC staff on the S-1 filings of ETF applicants.
The approval of S-1 forms represents the second phase of a two-step process necessary for ETFs to become operational. The first phase involved the approval of issuers’ 19b-4 forms in May, with the SEC granting approval to eight ETF applicants on May 23. Unlike 19b-4 forms, S-1 forms do not adhere to a specific deadline, leaving issuers dependent on the SEC’s review and approval timeline.
SEC Chair Gary Gensler confirmed on June 26 that the approval process for spot Ether ETFs is progressing smoothly. The SEC has endorsed a rule change permitting major players such as BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Invesco to participate. In addition, entities like VanEck have filed 8-A forms in preparation for exchange listings by July 8.
However, Gensler cautioned that listing spot Ether ETFs on stock exchanges may take several months, potentially delaying listings until September. He emphasized that the timing hinges on applicants’ responsiveness.