According to online reports, analyst James Seyffart said that BlackRock has just submitted a revised S-1 document for its Ethereum Spot ETF-$ETHA. The main change is the addition of "allowing physical creation/redemption after obtaining SEC approval." He and his colleague Eric Balchunas both expect the SEC to approve the mechanism at some point this year. In addition, he pointed out that this is the first Ethereum ETF application to propose a physical redemption mechanism, and the final approval deadline is approximately October 11, 2025. He also mentioned that BlackRock's Bitcoin ETF $IBIT also submitted a revision document, which included similar physical redemption language as early as February. This time, a new description of "quantum computing risk" was added as part of the standard risk disclosure. He emphasized: "These are just basic risk disclosures. They will list any potential problems... It's completely normative and completely reasonable."