Ethereum

Galaxy

Steve

Galaxy Digital’s head of asset management believes spot Ether&nbsp;exchange-traded funds (ETFs) will be approved in “weeks” rather than days but agrees the decision will come sometime in July.&nbsp;
“Look, we’ve done this before. This is methodical, this is window dressing, the SEC is engaged,” said Steve Kurz in an <a href="https://www.bloomberg.com/news/videos/2024-07-02/galaxy-digital-s-kurz-expects-ether-etf-approval-in-july-video" target="_blank" rel="noopener nofollow">interview</a> with Bloomberg TV on July 2. 
Galaxy Digital is one of eight asset managers with a proposed <a href="https://cointelegraph.com/learn/spot-ethereum-etf">spot Ether ETF</a> currently under review with the United States Securities and Exchange Commission. It is collaborating with Invesco on the ETF.
<blockquote data-ct-non-breakable="true">
 “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.” 
</blockquote>
Kurz’s estimate is largely in line with other <a href="https://cointelegraph.com/news/ether-investment-products-largest-outflows-2022">ETF analyst</a> estimates. 
On June 28, Bloomberg ETF analyst Eric Balchunas pushed back his early July estimate for ETF approvals after the SEC took “extra time” to get back to applicants about their S-1 paperwork. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-07/0b69ea9a-6587-4356-8259-190ba23e2a3f.png" alt="" title="">
 <figcaption style="text-align: center;">
 Galaxy Digital’s Steve Kurz speaking on Bloomberg TV. Source: Bloomberg
 </figcaption>
</figure>
A July 2 Bloomberg report, <a href="https://www.bloomberg.com/news/articles/2024-07-02/ether-etf-hopefuls-gear-up-for-sec-approval-as-soon-as-mid-july" target="_blank" rel="noopener nofollow">citing</a> two people familiar with the matter, added fuel to this theory, stating Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ETF applicants have been given until July 8 to submit updated paperwork to address some minor issues. 
This could be followed by an additional round of filings, they said. 
Eight bidders — BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares and Galaxy/Invesco — have already been given the green light to list their shares on their respective exchanges. 
The issuers now need an approved S-1 filing for the Ether ETFs to go live for trading. 
Related: <a href="https://cointelegraph.com/news/how-etfs-reshaping-crypto-markets">How ETFs are reshaping the crypto markets</a>
In a July 2 research report, K33 Research <a href="https://cointelegraph.com/news/ethereum-price-will-outperform-bitcoin-following-eth-etf-launch-analysts">suggested Ether ETFs</a> would be a “golden egg” for ETH’s price and could even outperform Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) in the first weeks after it goes live. 
K33 analysts Vetle Lunde and David Zimmerman expect Ether&nbsp;“to stumble immediately following the launch of the ETFs” but noted that, much like what happened with Bitcoin, inflows to the funds would likely bolster ETH’s price.
Magazine: <a href="https://cointelegraph.com/magazine/vaneck-files-for-solana-etf-ether-supply-inflates-hodlers-digest-june-23-29/">VanEck files for Solana ETF, Ether supply inflates, and more: Hodler’s Digest, June 23–29</a>

Ethereum ETFs in ‘window dressing’ stage, approval in weeks — Galaxy

Cointelegraph

Other articles published on Jul 3, 2024

Investors Monitor Decline in Meme Coins

Toncoin Price Inches Closer To All-Time High – Will TON Hit $8 This Week?

Artificial Superintelligence Alliance Price Prediction: FET, AGIX And OCEAN Merge As Analysts Say...

Spot Solana ETF Approval Is a Bet on the 2024 Election, VanEck Says

Bullish Recovery of Solana: Impact of ETF Announcements – Crypto Analysis of July 3, 2024

5-Day Positive Streak in US Spot Bitcoin Exchange Traded Funds (ETFs) Ends! Here are the Details

Join our free newsletter for daily crypto updates!