Spot ether exchange-traded funds are expected to clear a key regulatory hurdle on Thursday. But the ETFs, if approved, likely won't begin trading until later this summer, according to a new report. 

The report, published Tuesday by Galaxy Digital, predicts spot ether ETFs will be listed on exchanges in July or August. The months-long lag between the funds’ potential approvals and their launches marks a stark contrast to the relatively speedy listings of their bitcoin-based counterparts. 

Regulators must approve two types of filings before shares of spot ether ETFs can change hands: 19b-4s, or proposed rule change forms, and S-1s, or registration statements. 

The Securities Exchange Commission approved several spot bitcoin ETF-related 19b-4s on Jan. 4, just four days …