TradingCrypto TradingGalaxy: Ethereum ETFs in Final 'Window Dressing' Stage, Approval...

Galaxy: Ethereum ETFs in Final ‘Window Dressing’ Stage, Approval Imminent

Galaxy Digital’s head of asset management, Steve Kurz, believes that spot Ether (ETH) exchange-traded funds will be approved in “weeks” rather than days, anticipating a decision sometime in July.

“Look, we’ve done this before. This is methodical, this is window dressing, the SEC is engaged,” said Kurz in an interview with Bloomberg TV on July 2.

Galaxy Digital is one of eight asset managers with a proposed spot Ether ETF currently under review by the United States Securities and Exchange Commission. The firm is collaborating with Invesco on the ETF.

“We’ve been doing this for months now; we did it with the Bitcoin ETF. The products are substantially similar — we know the plumbing, we know the process,” Kurz explained.

Kurz’s estimate aligns with other ETF analysts’ projections. On June 28, Bloomberg ETF analyst Eric Balchunas revised his early July estimate for ETF approvals after the SEC took “extra time” to respond to applicants about their S-1 paperwork.

A July 2 Bloomberg report, citing two people familiar with the matter, supported this theory, stating Ether ETF applicants have been given until July 8 to submit updated paperwork to address some minor issues. This could be followed by another round of filings, they said.

Must Read: Ethereum ETPs See Biggest Outflows Since 2022: What It Means for Investors

Eight bidders, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Galaxy/Invesco, have already received the green light to list their shares on their respective exchanges. The issuers now need an approved S-1 filing for the Ethereum ETFs to start trading.

In a July 2 research report, K33 Research suggested that Ether ETFs could be a “golden egg” for ETH’s price and might even outperform Bitcoin in the first weeks after launch. K33 analysts Vetle Lunde and David Zimmerman expect ETH “to stumble immediately following the launch of the ETFs” but noted that, similar to Bitcoin, inflows to the funds would likely bolster ETH’s price.

Florent Malice
Florent Malicehttps://www.newsalarms.com/
Florent is a passionate blockchain enthusiast, dedicated to exploring the intersection of technology and finance. With a focus on blockchain, web crypto, and NFTs, he contributes insightful analyses and updates to NewsAlarms, offering clarity on the evolving landscape of digital assets.

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