The approval of Ethereum ETF can come anytime within July, as predicted by Steve Kurz, Digital’s head of asset management at Galaxy. He said the approval is expected in weeks but not in days.
“Look, we’ve done this before. This is methodical, this is window dressing, the SEC is engaged,”
Kurz stated in an interview with Bloomberg TV on July 2.
Galaxy Digital is one of the asset managers firms with a proposed Ethereum ETF being reviewed by the United States SEC. It is working with Invesco on this 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.”
On June 28, Eric Balchunas, ETF analyst at Bloomberg, stepped back from his statement of ETF approval in July when the Security and Exchange Commission took some time to review the S-1 form of the applicants.
The Bloomberg report published on July 2, citing two people who know this issue, stated that the applicants have time until July 8 to submit the submission updated S-1 form to address some minor problems. The applicants now need an approved S-1 form to start ETF trading.
In a July 2 research report, K33 Research suggested that Ether ETFs would be a “golden egg” for ETH’s price and might cross Bitcoin in the first weeks after they launch.
Vetle Lunde and David Zimmerman, K33 analysts, predicted Ethereum “to stumble immediately following the launch of the ETFs”. They further stated that by reviewing the inflow of funds in BitcoinETF, Ethereum ETF can also gather enough funds to boost ETH prices.
