SEC Delays Decision on Grayscale’s Ethereum Trust Conversion
The US Securities and Exchange Commission (SEC) has announced a delay in the decision for Grayscale’s Ethereum trust conversion into a spot Exchange Traded Fund (ETF). The SEC stated the need for an extended period to evaluate the proposed rule change, pushing the new deadline for Grayscale to January 25, 2024. The delay comes as the SEC is working with 13 spot Bitcoin ETF applicants on final amendments before a January 10 approval.
Optimism Remains for Spot Ethereum ETFs
Despite the delay, Bloomberg ETF analyst James Seyffart suggests that delays are normal in the process. He shared a table of all seven spot Ethereum ETF applicants and hinted at potential approvals by mid-2024. Eric Balchunas of Bloomberg also indicates that Ark and VanEck, the first filers, have strong odds of approval by their final deadline on May 23, 2024.
Next Deadlines for Ethereum ETF Filers
The next deadlines for Ethereum ETF filings range from December 23 to January 21, 2024. These dates could involve extensions, requests for more information, or final decisions. The final deadlines for potential approvals are between May and June 2024.
Hot Take: Ethereum ETF Approval Still Awaited
The journey towards approving an Ethereum ETF in the US continues to face delays, with Grayscale’s conversion being pushed back. Despite this setback, there is optimism within the crypto community regarding the future of spot Ethereum ETFs. Analysts suggest that delays are to be expected and point to potential approvals by mid-2024. The next deadlines for Ethereum ETF filings are approaching, and it remains to be seen whether extensions will be granted or final decisions made. The timeline for potential approvals is taking shape, and the crypto market eagerly awaits the SEC’s decision on an Ethereum ETF.
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