Bloomberg Analyst Says Ethereum Spot ETF to Launch July 23

The SEC is reportedly asking for final S-1 applications by Wednesday.

Ethereum is apparently finally getting its spot Exchange Traded Fund (ETF). Bloomberg analyst Eric Balchunas reported that the Securities and Exchange Commission (SEC) is requesting final documents from applicants and that launch date is set to July 23.

“Hearing SEC finally got back to issuers today, asking them to return FINAL S-1s on Wed (incl fees) and then request effectiveness on Monday after close for a Tuesday 7/23 LAUNCH,” Balchunas wrote. “This is provided no unforeseeable last minute issues of course!”

His statement comes one day after Nate Geraci, co-founder of the ETF Institute predicted on Sunday that this week would be ETH ETF approval week. The much anticipated instrument comes less than two months after the SEC issued an omnibus approval for applicants in a landmark decision on May 23.

Ethereum spiked 7% to $3,416, and is up 14% in the past fortnight. If the spot Bitcoin ETF approval–which had the asset soar to new all-time highs in a matter of weeks is any indication of what is to come–ETH could be pushed to its previous peak of $4,840, in record time.

Eight entities await approval by the SEC, which has operated with much more speed than the decade it took to allow for a spot Bitcoin ETF to be allowed.

These include the Grayscale which pundits expect to put a drag on the price as investors will be now allowed to sell their shares on the open market much like what happened with Bitcoin–Bitwise, BlackRock, VanEck, the ARK 21Shares, Invesco Galaxy, Fidelity, and Templeton Franklin.

The eight applicants are also issuers of the Bitcoin ETF market, with BlackRock, Grayscale and Fidelity cornering more than 90% of the sector. Roughly 763,343 BTC or $48.5 billion are held in their accounts.