A Bloomberg expert on exchange-traded funds (ETFs) is adjusting his projected timeline for the approval of Ethereum (ETH) spot market ETFs, citing recent statements from the U.S. Securities and Exchange Commission (SEC).
In a recent update on X, Eric Balchunas, an ETF specialist at Bloomberg, anticipates that approval for spot ETH ETFs will likely be delayed until after the July 4th holiday weekend, which extends until the 8th. This delay, he explains, is due to many SEC staff members being on break during this period.
“We’ll probably have to revise our estimate until after the holiday,” Balchunas stated. “It seems the SEC took additional time to respond this week (though with minimal adjustments), and next week is effectively paused due to the holiday ending on July 8th. The process will resume shortly thereafter, and approvals should follow soon.”
Earlier, Balchunas had predicted that the SEC would greenlight the ETFs by July 2nd, prompted by the SEC’s feedback on multiple S-1 filings submitted by major financial firms. The agency had returned these filings for amendments, suggesting imminent approvals.
A week later, SEC Chair Gary Gensler hinted at the approval of ETH-based spot market ETF applications without specifying a date. He emphasized that the agency was focused on ensuring that asset managers fully disclosed required information in registration statements.
“The key is for asset managers to provide comprehensive disclosures so that registration statements can become effective, ensuring legal compliance,” Gensler explained. “This process, managed by our Division of Corporation Finance, operates smoothly and is critical for regulatory oversight.”
Spot market Bitcoin (BTC) ETFs received SEC approval in January, attracting substantial investment into the leading cryptocurrency by market capitalization. Recently, firms have also begun submitting proposals for ETFs linked to Ethereum competitor Solana (SOL).
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