Today, I will answer the overall summary of ETF-related questions about ETH Ethereum. Where are our opportunities? And which coins related to the Ethereum ecosystem can we lay out?
1️⃣ When will the ETH Spot ETF be announced?
There is a high probability that it will be between 2am and 4am Beijing time on May 24th, with a possibility of a slight delay until 6am.
2️⃣ Will the ETH Spot ETF be passed?
Not necessarily, nothing is 100% certain. At present, there is a high possibility of passing the 19b-4, I believe the probability is over 80%, or even higher.
Before starting the Q&A, it is necessary to introduce two key documents, the S-1 form and the 19 B-4 form, which are crucial for the approval of Ethereum Spot ETF.
S-1 Form
S-1 form is a registration statement that ETF issuers must submit to the SEC. S-1 is just one form of registration statement, primarily to ensure that ETFs are registered in accordance with the Securities Act, especially for newly issued ETFs.
The registration statement of Form S-1 typically includes the investment objectives, strategies, and risks of the fund; information about the fund manager; background of the portfolio manager; detailed information about fees and expenses; composition of the portfolio.
S-1 Form Review Time: The entire process usually takes 60 to 120 days.
19 B-4 Form
If an ETF plans to list on an exchange, the issuer needs to submit Form 19b-4 to the SEC through the exchange. This form, submitted by the exchange, includes proposed changes to listing rules and explanations, with the aim of obtaining SEC approval for the ETF to be listed and traded on that exchange.
19B-4 The form primarily covers the complete text of the rules; the purpose and reasons for the changes; assessment of the impact on the market and investors; opportunities for public comments.
SEC can delay the 19B-4 form three times, with a total duration ranging from 90 days to half a year.
Based on the information provided, the translation of the text from Chinese Simplified to English is as follows:
"Combining the introductions of the two documents, it can be seen that the two have different submitting entities. The S-1 Registration Statement is submitted by the ETF issuer to the SEC, while the Form 19B-4 is submitted by the exchange. From this, it can be observed that Form 19B-4 is more like an admission document that allows the ETF to be listed on the exchange, while the S-1 Registration Statement serves as an introduction and explanation of the ETF."
4️⃣5 May 24th, still the key node of Ethereum Spot ETF?
According to the final approval time of the Ethereum Spot ETF's 19 B-4 form, VanEck is the first issuer to submit the 19 B-4 form to the SEC, and after three extensions, Beijing May 24th is its final decision node.
From the approval node of the previous Bitcoin spot ETF, January 10th is the final approval time for BlackRock's 19B-4 document. On January 10th, the SEC also approved the remaining 10 Bitcoin spot ETFs. Therefore, if we take Bitcoin spot ETF as an example, May 24th is indeed a key node for the approval of Ethereum spot ETF in Beijing.
When the SEC approves related ETFs, it does not selectively approve individual ETFs, but is likely to approve them at the same time. This point was mentioned in previous discussions about Bitcoin spot ETFs.
But it is worth noting that May 24th Beijing time is the final approval time for Form 19 B-4. As mentioned earlier, the S-1 registration statement still needs to be approved. Therefore, relevant institutions in the market believe that the SEC may first approve the 19 B-4 form and then delay the approval time in the S-1 registration statement.
If the ETH Spot ETF is approved, what impact will it have on the market?
It is undoubtedly a more positive influence, which means favorable information in plain language. Especially after the approval of the ETH spot ETF, it means that there is no such thing as a POS token that cannot pass the approval of the spot ETF. In fact, it has nothing to do with POS itself. However, the approval of ETH will give the market more ideas and will definitely inject more funds. As for ETH itself, you can refer to the trend of BTC, and the difference will not be very large.
Will Grayscale's ETHE dump the market?
If both the 19b-4 and S-3 of Grayscale are approved, Grayscale's ETHE will become a spot ETF, and it is indeed possible for Grayscale ETHE users to sell their ETH holdings. However, this will definitely happen after the approval of S-3.
If the ETH Spot ETF is approved, will it extend the bull market? Essentially, it will only extend the bull market for ETH itself, just like BTC. Other tokens still need to follow the liquidity cycle.
If the ETH Spot ETF is approved by us, what opportunities do we have?
To The Moon, there is no doubt that the Ethereum ecosystem will take off.
I would like to recommend some tokens that I am optimistic about:
• OP - OP Stacks provides lucrative returns
• ARB - King of L2
• LDO - Top liquid staking
• RSTK - Restaking Narrative
• SSV - Stake Infrastructure
• ETC - No need to introduce the Old Army
• PENDLE - Simplified Yield Trading
• LBR - A powerful stablecoin supported by LSD earnings
• OGV - Low Market Cap LSDfi with $100 million TVL
• SNX - Depth Liquidity Provision Protocol
• ENS - Ethereum Mainnet
• PEPE - the largest meme on Ethereum
• MKR - Major ecosystems include Decentralized Finance, RWA, and more
• BLUR - Best NFT trading platform
• ENA EHTFI - New Generation Dual E Combination, stablecoin, re-stake
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