VanEck Filing Suggests Ethereum ETFs Are Only One Week Away - Decrypt
06/25/2024 18:10When VanEck published this filing for their Bitcoin ETF, the product launched seven days later.
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Go to Alpha ReportsA new regulatory filing from VanEck signals that the U.S. Ethereum ETFs could only be a week away from launch, according to one expert.
The $89 billion investment manager filed an 8-A form for their VanEck Ethereum Trust on Tuesday, which is required paperwork for corporations to issue certain types of securities on national exchanges.
While normally an uneventful part of the registration process, Bloomberg ETF analyst Eric Balchunas says its timing is worth noting, because VanEck filed its 8-A form for its Bitcoin spot ETF exactly seven days before the fund launched on January 11.
VanEck just filed 8-A form for spot Eth, which is just part of process, but.. should be noted that they filed their 8-A for spot bitcoin exactly 7 days before launch. Good sign for our July 2nd over/under (7 days from now). But again, anything poss. Sure we'll hear more soon.. https://t.co/2BlkDnWhrz
— Eric Balchunas (@EricBalchunas) June 25, 2024
“Good sign for our July 2nd over/under (7 days from now),” said Balchunas. “But again, anything [is possible].”
Today’s circumstance is slightly different compared to January, however, when there was still uncertainty over whether the Bitcoin funds would ultimately move forward. Ethereum ETFs have already been greenlighted to list on national securities exchanges, and the Securities and Exchange Commission (SEC) is now reviewing individual applicants’ S-1 applications.
That officially makes Ethereum ETFs a matter of “when” not “if,” with SEC chairman Gary Gensler confirming this month that the funds will likely be approved “over the course of this summer.”
Signs are already emerging that Ethereum ETF sponsors are prepared for an imminent launch. Bitwise has now released multiple television ads championing the benefits of Ethereum over old-school financial infrastructure. Others like VanEck and Franklin Templeton have already published their funds’ management fees, which many choose to keep a secret from other sponsors until the last possible moment.
The companies are also pushing out their bullish investment theses for Ethereum. Bitwise CIO Matt Hougan posted a Twitter thread last week outlining three reasons investors should consider mixing ETH into their portfolios alongside BTC. In a lengthy report early this month, VanEck argued that ETH will reach $22,000 per unit by the year 2030.
Edited by Ryan Ozawa.
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