On May 30, Bloomberg ETF analyst Eric Balchunas suggested that U.S. spot Ethereum ETFs might launch in June, following updates to filings by BlackRock and Grayscale.

Balchunas noted a "legit possibility" of these ETFs launching by the end of June, though he considered a mid-June launch a "long shot."

He expects the latest launch date to be July 4.

Balchunas' projections are influenced by the timing of issuers' S-1 filings. He highlighted BlackRock’s May 29 S-1 amendment, which lacked a fee and other essential details, calling it a "next to final version."

Grayscale also updated its fund on May 30 with an S-3 amendment, clearly prohibiting staking.

These statements are among the final necessary steps before the funds can begin trading.

Politics are involved

Balchunas linked his expectations to the SEC’s potential political motivations for the funds.

He suggested the SEC's initial approvals have met political needs, stating:

"... The political goal of not appearing anti-crypto has already been achieved by simply not rejecting [the ETFs]. No real reason to rush."

Other industry figures, such as Ark Invest CEO Cathie Wood and Coinbase analyst David Han, have similarly argued that the SEC's approvals were politically driven.

More S-1 statements coming

The Block reported that the SEC has asked other applicants to submit draft S-1 filings by May 31, after which the SEC will provide its first round of comments.

Applicants will then need to submit further amendments if necessary.

As of now, all ETH issuers have submitted S-1 or S-3 registration statements. Besides BlackRock and Grayscale, only VanEck has submitted amendments since the SEC's initial approvals for exchange rule changes on May 23.

James Seyffart, another Bloomberg ETF analyst, believes the SEC will take weeks or months to approve S-1 statements.