Bloomberg Experts Forecast Timeline for Spot Ethereum ETF Approval
The journey towards the approval of an Ethereum ETF in the United States saw a new development yesterday as the US Securities and Exchange Commission (SEC) announced a delay in the decision to convert Grayscale's Ethereum Trust into a spot exchange traded fund (ETF). Is of. , The SEC has required an extended period to evaluate the proposed rule change, with the new deadline extended to Grayscale until January 25, 2024.
In its reasoning, the SEC reiterated, “The Commission finds it appropriate to set a longer period for taking action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” Notably, the delay comes at a time when the US agency is working with 13 spot Bitcoin ETF applicants on possibly final amendments before the January 10 approval.
Timeline for Spot Ethereum ETF Approval
Despite the latest delays, the crypto community remains optimistic about the future of the Spot Ethereum ETF. Bloomberg ETFs analyst James Seifert suggested the delay is par for the course, tweeting, “Update: As expected, Grayscale's Ethereum trust filing has just been delayed. It was due by 12/6/23 so this is completely normal.”
Seifert also shared a table of all seven spot Ethereum ETF applicants: VanEck, 21Shares and ARK, Hashdex, Grayscale, Invesco and Galaxy, BlackRock, Fidelity, and their timelines. he ahead indicated “Unfortunately I think you're going to be really screwed until June next year,” Blockstream CEO Adam Back said, responding to criticisms on possible approval by mid-2024.
In response to questions about the likelihood of Ethereum ETF approval after the Bitcoin ETF, Bloomberg's Eric Balchunas indicated that earlier filers, Ark and VanEck, have a strong chance of approval by their final deadline of May 23, 2024, because They are expected to use the same mechanism as spot Bitcoin ETFs, and due to the fact that Ether futures have already received the green light from the US SEC.
When asked about the strange chance of Ethereum ETF approval, he said commented“Not formally yet, but the deadline for first filers Ark and VanEck is May 23, so there are strong chances that they will have been approved by then, as they are using a similar design to the BTC ETF and Ether futures. Were, okay.”
next deadline
Seifert's table shows that the next Ethereum ETF deadlines for VanEck, Ark Invest and Invesco and Galaxy are from December 23 to 26, followed by Hashdex on January 1. Since there is little chance of a spot Bitcoin ETF getting approved by then, there will be a delay. The SEC's chances are high for this batch of filings.
The next deadlines for iShares of both BlackRock and Fidelity Ethereum Fund are January 25 and January 21, 2024, respectively. These dates are important as they may include either an extension, a request for more information or a final decision.
But things get really stressful by the deadline for all Ethereum ETF filers, as noted by Bloomberg ETF experts. VanEck is set for May 23, 2024, and ARK Invest is set for May 24, 2024, and other notable filers like Hashdex Nasdaq Ethereum ETF and Grayscale's Ethereum Trust Conversion (ETHE) for May 30, 2024, and June 18, 2024, respectively. are scheduled for decision. The timeline for potential approvals is taking shape.
At press time, ETH was trading at $2,271.
Featured image from Shutterstock, chart from tradingview.com
