Altcoin
Bitwise CEO Hints At Major Announcement, Spot Ether ETF Launch Likely By July 4
Bitwise CEO Hunter Horsley on Thursday said there will be a major announcement by Bitwise Invest tomorrow. Bitwise recently filed an amended spot Ethereum ETF S-1 to disclose a $2.5 million seed investment and Pantera’s interest in putting $100 million in the Ether ETF.
Bitwise Likely Making An S-1 Filing For Spot Ethereum ETF
Hunter Horsley, chief executive officer of Bitwise Invest, took to X on June 20 and revealed a big announcement coming from the company. He said “Keep an eye on Bitwise Invest tomorrow. Something cool.”
While Horsley’s post didn’t mention enough details or points to another S-1 amendment to spot Ethereum ETF, experts believe it will be related to Ether ETF.
Nate Geraci, president of ETF Store, said a flurry of spot Ethereum ETF S-1 amendments are coming on Thursday and Friday. He believes there’s nothing left for the U.S. SEC to address or comment on as per details in the Bitwise S-1 recent filing.
Geraci thinks spot Ethereum ETF will launch before July 4 as SEC Chair Gary Gensler hinted at the approval of Ether ETFs before the end of summer. The SEC has also closed its Ethereum investigation, clearing the way for a potential listing and trading of spot Ether ETFs on exchanges.
He expects Bitwise to reveal fees for its spot Ether ETF on Friday. The company charges a 0.20% management fee for Bitwise Bitcoin ETF (BITB).
Also wouldn’t be surprised to see another issuer or two file for combined spot btc & eth ETF over next week or so…
— Nate Geraci (@NateGeraci) June 20, 2024
Also Read: Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
Rise in Interest in Spot Ether ETFs
Consensys disclosure about the SEC ended its investigation into Ethereum resulted in a broader crypto market recovery, with ETH price rebounding above $3,500. It indicates a massive interest in the spot Ethereum ETF and expected a similar interest from institutional investors.
ETH price jumped 1% in the past 24 hours, with the price currently trading at $3,586. The 24-hour low and high are $3,513 and $3,589, respectively. Furthermore, the trading volume has decreased by 28% in the last 24 hours, indicating a decline in interest among traders.
However, ETH price can rise further amid S-1 filings by spot Ethereum ETFs. It could bring a potential rebound in the broader crypto market and most likely an altcoin season.
Also Read: VanEck Bitcoin ETF Debuts on Australian Stock Exchange ASX, Will It Get US-Like Response?
Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.
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