The asset management firm Bitwise has recently made amendments to its S-1 registration with the SEC in order to list and trade shares of a spot Ether exchange-traded fund (ETF). This move comes in response to SEC Chair Gary Gensler’s statement regarding the potential approval of spot Ether ETFs by summer 2024. While some analysts believe this approval could happen as early as July, delays in the process have left many questioning the reasons behind the hold-up.
Bitwise filed an updated Form S-1 registration statement with the SEC on July 3, which included a six-month fee waiver for up to $500 million. Despite not specifying an exact launch date for listing and trading on NYSE Arca, the filing mentioned that it would occur “as soon as practicable after the effective date” of the registration. This preemptive move by Bitwise was made ahead of a July 8 deadline, with analyst Eric Balchunas noting that the last round of comments on the filing took zero time to update, indicating a swift process.
Balchunas speculated on the reasons for the SEC’s delayed approval process, suggesting that it could be due to a problematic issuer or simply the summertime slowdown. Despite the light nature of the comments received, the approval process for spot Ether ETFs has been surprisingly slow. Gensler’s statements in various Senate hearings and interviews also hinted at potential delays in the approval process, leaving the crypto investment community on edge.
The move by Bitwise to file the amended S-1 registration follows the SEC’s approval of spot Ether ETF 19b-4 filings from eight asset managers on May 23. Since then, there has been anticipation within the crypto investment community for further developments from the SEC regarding the release date of spot Ether ETFs. Gensler’s statements in Senate hearings have indicated that approvals for asset managers are expected over the summer, with individual issuers likely to receive approval in the coming months.
Bitwise’s actions regarding the spot Ether ETF listing and trading demonstrate the ongoing efforts to navigate the complex regulatory process with the SEC. Despite delays and uncertainties surrounding the approval of spot Ether ETFs, the crypto investment community remains hopeful for a positive outcome in the near future. The evolving regulatory landscape and the SEC’s cautious approach to approving digital asset products highlight the challenges and opportunities that lie ahead for asset managers and investors alike.
Leave a Reply