Ethereum spot exchange-traded funds (ETFs) have a “legitimate opportunity” to launch in the US by the end of June after BlackRock updated key documentation, according to analysts.

BlackRock updated its Form S-1 for its iShares Ethereum Trust (ETHA) with the Securities and Exchange Commission on 29 May, almost a week after the regulator approved a 19b-4 filing – both of which must receive SEC approval before the ETF can begin trading.

Bloomberg ETF analyst James Seyffarth said BlackRock’s updated S-1 is “almost certainly the interaction we were looking for” as it shows that “issuers and the SEC are working on a point-to-point launch of an Ethereum ETF.”

BlackRock’s corrected Form S-1 provided information about the seed capital investor, the organisation that allocates money to the fund so it can begin trading.

On 21 May, the investor, a subsidiary of BlackRock, “agreed to purchase $10,000,000 worth of shares on 21 May 2024 and received delivery of 400,000 shares at $25 per share on 21 May 2024,” the document said.

The document also notes that the ETF will be listed and traded under the ticker “ETHA.”

This comes on the same day that documents show Hashdex withdrew its application for a spot Ethereum ETF just one day after the SEC approved it along with BlackRock and seven other issuers.

Hashdex reportedly “no longer intends to issue a single-asset ETF with Ethereum.”

Analysts say the launch of the Ethereum ETF will cause ETH to hit new highs, as some suggest Wall Street will use it as a bet on the growth of Web3. Others suggest ETH could face pricing pressure as Grayscale Ethereum Trust (ETHE) could see average daily outflows of $110 million in the weeks following the conversion and discount reduction.