Bloomberg analyst: 75% approval probability only for 19b-4, and also requires approval of S-1 documents

Bloomberg analyst James Seyffart wrote on the X platform: "On a brief note, Eric Balchunas raised the odds of spot Ethereum ETF approval to 75%. But this is for the May 23 deadline of 19b-4 (VanEck's deadline). We also need S-1 approval. It may take weeks to months before we see S-1 approval and the actual Ethereum ETF goes live. That being said, if we are correct and we see these theoretical approvals later this week, it should mean that the question of S-1 approval is "when" rather than "if." It is reported that the 19b-4 document is a document submitted by an exchange. This type of document is usually related to rule changes for exchange operations, such as introducing new products, modifying trading mechanisms or other related exchange policies. Once submitted, the SEC will review the proposal and publicly solicit public comments before deciding whether to approve it. The S-1 document is a registration statement that a company must submit before publicly offering shares. This document discloses in detail key information such as the issuing company's financial status, operating conditions, market environment, preliminary pricing of shares and risk factors.