21Shares Advances Spot Ethereum ETF Approval with Updated S-1 Filing

• 21Shares investment asset management firm has filed its S-1 amendments for a spot Ethereum ETF.

• Bloomberg analyst Eric Balchunas has pointed out that more issuers are expected to follow suit.

In compliance with the United States Securities and Exchange Commission (SEC) timeline, 21Shares investment asset management firm has filed its S-1 amendments for a spot Ethereum ETF. As we reported, the filing made on Monday, July 8 shows that 21Shares is working in line with the SEC feedback to launch the spot Ethereum ETF for trading. 

Two weeks earlier, the SEC  returned the S-1 registrations for spot Ethereum ETFs from 21Shares and other applicants with quite mild remarks. The Commission wanted the filers to refile the amended S-1 documents by July 8, 2013, expecting that the filers would have addressed the issues highlighted in the feedback. 21Shares acted appropriately and submitted its corrections a few hours in the afternoon on the last day of the submission. 

21Shares Strengthens U.S. Operations 

Since the approval of spot ETFs in May this year, the Swiss-based asset manager 21Shares has made several moves to be prepared for the approval of the SEC. The firm has continued to enhance the position of its operations in the United States, which is a clear strategy seen from the recent appointments and filings of the firm. 

Additionally, 21Shares hired Brokate, who has significant experience in the ETF industry strategy, distribution, and development of products. Brokate has most recently served as the head of America’s iShares Business Strategy at BlackRock, suggesting that 21Shares will seek to employ experienced management in its ETF growth. 

In another tactical decision, 21Shares filed for Form 8-A for the proposed rule change to the SEC. This filing is crucial for listing and trading the product on an exchange; this enhances 21Shares among other potential spot Ethereum ETF issuers. Form 8-A submission came shortly after another competitor in the race for the spot Ethereum ETF, VanEck. 

The spotlight is now on the US Securities and Exchange Commission (SEC). These amended filings suggest to many analysts that the ETH ETF will start within the next two weeks. Bloomberg analyst Eric Balchunas has pointed out that more issuers are expected to follow suit. Balchunas noted the ball is now “back in the SEC’s court. ” 

Expert Predicts Potential Launch Date for Ethereum ETFs

Nate Geraci, an ETF expert at the ETF Institute, has noted that the new filings might change the timeline for the ETH product launch. Additionally, Geraci stated that he expects the product to be launched by July 15th. Thus, the SEC may approve the recent filings in the next one or two weeks. 

This anticipation has already begun to play out in the market, especially with the performance of Ethereum, as seen below. As of this writing, Ethereum is trading at $3,071 with a 24-hour surge of 5% in the last 24-hours, and its trading volume went up by 116 percent, according to CNF Marketplace. The launch of the Spot ETH ETF is anticipated to spur a major bull run for the asset. 

As previously mentioned in our report, SEC Chair Gary Gensler, in a June Senate Banking Committee hearing, hinted that the commission could okay the S-1s “at some point this summer”, but he did not give a precise time frame.