By
Mayowa Adebajo
June 28th, 2024
Bitwise Invest CEO hinted a major announcement likely about its spot Ether ETF which could launch before July 4th.
Bitwise Invest CEO Hunter Horsley hinted at a major announcement on June 20th. While details remain scarce, industry experts believe it’s highly likely to be related to the long-awaited launch of spot Ether Exchange Traded Funds (ETFs).
Horsley hits comes on the heels of a flurry of S-1 filings for spot Ether ETFs, including an amended filing by Bitwise itself. The amended filing disclosed a $2.5 million seed investment and a significant $100 million commitment from Pantera Capital, a well-respected blockchain investment firm.
SEC Greenlight Paves the Way for Ether ETF Launch
Adding fuel to the fire, Nate Geraci, president of ETF Store, predicts a wave of spot Ether ETF approvals before July 4th. He believes the U.S. Securities and Exchange Commission (SEC) has addressed all concerns raised in the recent Bitwise filing, leaving little room for further delay.
Will be flurry of spot eth ETF S-1 amendments tomorrow & Friday…
— Nate Geraci (@NateGeraci) June 20, 2024
IMO, based on Bitwise filing yesterday, doesn’t look like anything noteworthy left for SEC to address/comment on.
I’m still going w/ launch before July 4th.
Nate Geraci’s predictions align with recent comments from SEC Chair Gary Gensler, who hinted at the potential approval of Ether ETFs by the end of summer. Additionally, the SEC’s closure of its Ethereum investigation removes a major roadblock for the listing and trading of spot Ether ETFs on major exchanges.
News of the SEC’s closed investigation triggered a broader market recovery, with Ethereum surging past the $3,600 mark. This surge reflects the immense investor interest surrounding spot Ether ETFs, particularly among institutional players.
While the past 24 hours have seen a slight dip in trading volume, the overall sentiment remains positive. ETH price currently sits at $3,586, with the potential for further growth fueled by the upcoming S-1 announcements. Analysts predict a potential rebound in the broader crypto market, potentially ushering in a new altcoin season.
Bitwise Fees and Next Steps
Market participants eagerly await Bitwise’s announcement, which is expected to reveal the fees associated with their spot Ether ETF. As a reference point, the company currently charges a 0.20% management fee for their existing Bitwise Bitcoin ETF (BITB).
With the SEC seemingly clearing the path for approval, the launch of a spot Ether ETF by Bitwise, or any other applicant, could be imminent. The Ether ETF approval holds the potential to unlock significant investment capital and propel the crypto market to new heights.