Bitwise, a prominent asset management firm, recently made amendments to its S-1 registration statement with the SEC in order to list and trade shares of a spot Ether exchange-traded fund (ETF). The decision to amend the registration statement comes after SEC Chair Gary Gensler’s announcement that approvals for spot Ether ETFs could potentially be finalized by summer 2024, with speculations of an earlier approval as soon as July.
Bitwise submitted an updated Form S-1 registration statement to the SEC on July 3, offering a six-month fee waiver for up to $500 million. Although the filing did not specify a precise launch date for listing and trading on NYSE Arca, it indicated that the process would take place “as soon as practicable after the effective date” of the registration. Bloomberg ETF analyst Eric Balchunas pointed out that Bitwise filed the revised S-1 prior to a July 8 deadline, suggesting a proactive approach to expediting the process.
Balchunas speculated on the reasons behind the SEC’s delayed approval process, raising concerns about potential issues with the issuer or the typical slowdown observed during summertime. He expressed puzzlement over the extended timeline for approval despite the lack of significant comments on the filing, implying that the spot Ether ETFs could have been trading by now under different circumstances.
Bitwise’s decision to amend its S-1 comes after the SEC approved 19b-4 filings for spot Ether ETFs from eight asset managers on May 23. The crypto investment community has been eagerly anticipating further updates from the SEC regarding the release date of these ETFs. In a Senate Banking Committee hearing on June 13, SEC Chair Gary Gensler indicated that the commission was aiming to approve S-1 registration statements for asset managers over the summer, suggesting a smooth process for Ethereum exchange-traded products. Gensler’s comments during a CNBC interview on June 5 hinted at a possible delay in the approval process for spot Ether ETFs, indicating that additional steps would be necessary before finalizing approvals.
Bitwise initially filed its S-1 with the SEC for shares of a spot Ether ETF back in March amidst rumors surrounding ETH potentially being labeled as a security by the regulator. However, court filings in June revealed that the SEC had dismissed this consideration, paving the way for further developments in the approval process for spot Ether ETFs.