march to take a seat Ethereum ETH
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After the Form 19b-4 is approved on May 23, the only remaining step is for the Form S-1 to become effective before trading begins. However, because this approval occurred due to a last-minute change of direction by the SEC, Form S-1 was not prepared in advance. However, progress is now being made.
The SEC has asked issuers to submit draft S-1 filings by Friday, according to two sources familiar with the situation. The SEC will then provide its first opinion, which will likely lead to further amendments.
The day the ETF was approved, VanEck wasted no time filing a revised version of Form S-1. On May 30, BlackRock followed suit, detailing that it would allocate $10 million to ETFs.
But the details of the seed investment are fairly straightforward for issuers to include, a source told The Block. This suggests that other aspects of the form may take longer to process. They said they expect to go through at least two more draft submissions before the S-1 form is ready.
Analysts expect the S-1 to take several weeks to complete, and potentially months if the process moves slowly. However, some traders argue that the delay may be a good thing.
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About the author
Tim is the editor-in-chief of The Block. Before joining The Block, Tim worked as a news editor at Decrypt. He holds a BA in Philosophy from York University and studied News Journalism at Press Association Training. X Follow him at @Timccopeland.