In response to the recent application by BlackRock iShares Ethereum Trust, the Securities and Exchange Commission (SEC) has requested all other applicants to submit their revised S-1 forms by the deadline of Friday, May 31. The timeline for the commencement of trading the spot Ether ETF remains uncertain, causing speculation and ambiguity among potential ETH ETF applicants.

BlackRock, following VanEck's initial filing on the day of approval, submitted an amended S-1 filing on May 30, becoming the second applicant in line for approval and trading of the spot ETH ETF. Despite the SEC's approval of 19b-4 filings for eight applicants on May 23, only one has proceeded with the updated S-1 filing, leading to a delay in the trading initiation process compared to the swift action seen with BTC spot ETFs.

The SEC's proactive stance is evident as they have requested all prospective spot ETH ETF issuers to provide their amended S-1 drafts for review and feedback. This move aims to ensure compliance with market regulations and facilitate the trading of ETH ETFs on spot exchanges. Fidelity joined the ranks on May 31 by submitting their updated S-1 filing, aligning with the SEC's directives.

In a surprising turn of events, Vanguard decided to withdraw its application for a spot ETH ETF, as shared by Nate Geraci. Despite the growing interest in ETH ETFs, Vanguard remains steadfast in its stance against Ether ETFs, citing misalignment with their strategy of constructing a diversified, long-term investment portfolio. This decision highlights the varying perspectives within the ETF market and the evolving landscape of cryptocurrency investments.