Galaxy Predicts Ethereum ETFs to Gain Approval Within Weeks

Steve Kurz, head of asset management at Galaxy Digital, is optimistic that Ethereum exchange-traded funds (ETFs) will receive approval within weeks, possibly in July.

In an interview with Bloomberg TV on July 2, Kurz stated, “Look, we’ve done this before. This is methodical, this is window dressing, the SEC is engaged.” Galaxy Digital, in collaboration with Invesco, is one of eight asset managers with a spot Ether ETF proposal under review by the United States Securities and Exchange Commission (SEC).

“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,” Kurz added, aligning his timeline with other ETF analysts.

On June 28, Bloomberg ETF analyst Eric Balchunas revised his initial early July prediction for ETF approvals, noting the SEC took additional time to respond to applicants about their S-1 paperwork. A July 2 Bloomberg report, citing sources familiar with the situation, stated that Ether ETF applicants have until July 8 to submit updated paperwork to address minor issues. This could be followed by another round of filings.

Among the eight bidders, including BlackRock, Fidelity, 21Shares, Grayscale, Franklin Templeton, VanEck, iShares, and Galaxy/Invesco, all have been cleared to list their shares on respective exchanges. The final step is an approved S-1 filing for the Ethereum ETFs to commence trading.

K33 Research, in a July 2 report, highlighted that Ether ETFs could significantly boost ETH’s price and might even outperform Bitcoin in the initial weeks post-launch. Analysts Vetle Lunde and David Zimmerman noted that while ETH might experience a dip immediately after the ETFs launch, inflows to the funds are expected to bolster ETH’s price, similar to what was observed with Bitcoin.