Eight spot Ethereum ETFs were approved in an omnibus order earlier today, but it might be some time before they start trading.

The SEC approved the 19b-4 forms for Ethereum ETFs from companies such as BlackRock, Fidelity, and Grayscale. However, for these ETFs to begin trading, their S-1 registration statements must become effective.

For Bitcoin ETFs, the S-1 forms were ready before the 19b-4 approvals, allowing trading to start the next day. In contrast, the SEC only began engaging with Ethereum ETF issuers earlier this week, which some speculate was due to a political decision. Although issuers quickly submitted the 19b-4 forms ahead of today's VanEck ETF deadline, there has been little communication about the S-1 forms.

According to a source close to the process, the S-1 forms still require significant work, which could take weeks to complete, depending on the SEC's responsiveness. Consequently, discussions about launching the ETFs have not yet begun.

Bloomberg ETF analyst Eric Balchunas mentioned that the fast-track process might involve a scramble over the next few days or weeks, depending on the S-1 forms. Galaxy Digital predicts that spot Ethereum ETFs will be listed on exchanges in July or August, noting that they have higher risk profiles than spot Bitcoin ETFs, which could delay regulatory decisions.

Following today's approval, the SEC is expected to start providing feedback on the S-1 forms and work with issuers to prepare them. Only after this process and once exchanges are ready can trading begin. Therefore, while the Ethereum ETFs have been approved, they may not start trading for several weeks, depending on the SEC's pace.