Galaxy expects spot Ethereum ETF to launch in July, bullish on multiple Crypto ETFs
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Galaxy expects spot Ethereum ETF to launch in July, bullish on multiple Crypto ETFs
Galaxy is set to partner with Invesco to launch a spot Ethereum ETF.
Navigating Web3 tides with focused insightsSource: cryptoslate
Compiled by: Blockchain Knight
Steve Kurz, Head of Asset Management at Galaxy Digital, said the U.S. Securities and Exchange Commission (SEC) could approve spot Ethereum ETFs by the end of July and discussed the outlook for other crypto ETFs.
On July 2, Kurz told Bloomberg he expects spot Ethereum ETFs to be approved "within weeks," meaning this month.
Kurz noted that Galaxy has been filing with the SEC for months and pointed out that the firm’s upcoming spot Ethereum ETF will be similar to its existing spot BTC ETF (BTCO).
Galaxy's upcoming spot Ethereum ETF is being developed in partnership with Invesco. Kurz also expressed optimism about the approval of spot crypto asset ETFs beyond Ethereum. He stated that legislation, including laws defining securities, would be necessary, and believes this process will move forward even if Biden remains in office.
Kurz emphasized the performance and demand for BTC ETFs: "People want this; retail investors want this; institutional investors want this."
Recently, two firms have proposed launching SOL ETFs.
Kurz commented that while Galaxy has significant exposure to Solana and is one of the blockchain’s largest validators, the approval of new crypto assets is more important than focusing on any single crypto asset ETF.
He also believes that establishing a Solana CME futures market should come after the existence of a spot Solana ETF. Currently, there is no SOL futures market.
Galaxy’s expectations align with recent forecasts from Bloomberg ETF analyst Eric Balchunas, who expects spot Ethereum ETFs to launch after July 8.
Balchunas noted that the SEC has required spot Ethereum ETF issuers to amend their S-1 registration forms by July 8. He previously predicted these funds would launch before July 2.
On May 23, the SEC approved 19b-4 rule changes allowing exchanges to list and trade each fund.
However, these approvals do not permit asset managers to issue the funds. Asset managers are now awaiting approval of their S-1 and S-3 fund registrations, which will ultimately allow them to launch Ethereum ETFs for trading.
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