The journey towards approving an Ethereum ETF in the U.S. experienced a recent twist, with the SEC announcing a delay in the decision regarding Grayscale’s Ethereum trust conversion into a spot ETF. The SEC extended the evaluation period, setting a new deadline for Grayscale on January 25, 2024.
The SEC cited the need for additional time to thoroughly assess the proposed rule change and related concerns. This delay coincides with the SEC’s ongoing collaboration with 13 spot Bitcoin ETF applicants, suggesting potential final amendments before a January 10 approval.
Ethereum ETF Delay Spurs Optimism for Mid-2024 Approvals
Despite the recent delay in the Ethereum ETF decision, optimism prevails within the crypto community. Bloomberg ETF analyst James Seyffart views such delays as routine, emphasizing their normalcy. He shared a table outlining seven spot Ethereum ETF applicants and their respective deadlines, hinting at potential approvals by mid-2024. Responding to critics, Seyffart suggested that approvals might come by June 2024.
Addressing the likelihood of Ethereum ETF approval following Bitcoin, Bloomberg’s Eric Balchunas indicated strong odds for the first filers, Ark and VanEck, by their final deadline on May 23, 2024. He highlighted their expected use of the same mechanics as spot Bitcoin ETFs, coupled with the prior approval of Ether futures by the U.S. SEC.
Crucial Deadlines Approach for Ethereum ETF Approval: What to Expect
According to a table shared by Seyffart, the upcoming Ethereum ETF deadlines range from December 23 to 26 for VanEck, Ark Invest, and Invesco & Galaxy, followed by Hashdex on January 1. Considering the unlikelihood of a spot Bitcoin ETF approval by then, SEC delays are anticipated for this batch of filings.
iShares by BlackRock and the Fidelity Ethereum Fund face deadlines on January 25 and January 21, 2024, respectively. These dates are pivotal, potentially involving extensions, requests for more information, or final decisions.
The tension heightens as the final deadlines for all Ethereum ETF filers approach, as highlighted by Bloomberg ETF experts. VanEck’s deadline is set for May 23, 2024, ARK Invest’s for May 24, 2024, and other notable filers like Hashdex Nasdaq Ethereum ETF and Grayscale’s Ethereum Trust Conversion (ETHE) scheduled for decisions by May 30, 2024, and June 18, 2024, respectively. The timeline for potential approvals is taking shape.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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