Breaking News – Will Ethereum ETF Approval Be Announced Tomorrow?
Breaking News – As early as this week, the SEC may approve a spot Ethereum ETF, signaling a dramatic change in its regulatory approach. According to Bloomberg analysts Eric Balchunas and James Seyffart, the SEC’s requirement for updated 19b-4 filings by 10 am on Tuesday has led them to raise their odds of approval from 25% to 75%. Major businesses like Fidelity, Grayscale, and BlackRock are among the applicants in a scramble due to this quick development.
As the deadlines for different applications draw near, there is much anticipation over the SEC’s decision regarding Ethereum ETFs. ETFs that are seeking clearance include those from VanEck, ARK 21Shares, Hashdex, Grayscale, Invesco Galaxy, Fidelity, Franklin, and Bitwise, according to data from Bloomberg Terminal that Seyffart published. These applications have been repeatedly delayed, but a recent push for updated submissions points to a possible development.
BlackRock’s Chances Look High for Ether ETF Approval
With only one rejected ETF application in 2014, BlackRock, the largest asset manager in the world, has a stellar history with the SEC. Just one month before Bitcoin ETFs were approved, in December 2023, an improved version of this ETF that addressed the SEC’s objections became live. This background highlights BlackRock’s proficiency in overcoming regulatory obstacles.
When it comes to updating their applications, Grayscale and BlackRock have taken the initiative. Grayscale submitted an S-1 registration statement for a micro Ethereum ETF and an S-3 registration statement to convert its current Ethereum Trust to a spot ETF. In line with other Ethereum ETF applications and previously authorized Bitcoin ETFs, BlackRock has proposed cash-based creation and redemptions in its Nasdaq modification to its 19b-4 filing. The chances are favorable for BlackRock this week, albeit they are not assured given their legendary record of clearing regulatory obstacles and getting goods approved.
FAQ
Why was BlackRock’s ETF Rejected in the Past?
Due to issues with transparency and alignment with net asset value (NAV), the BlackRock Total Return ETF was rejected.
What is S-3 Registration?
Form S-3 is the registration statement that the Securities and Exchange Commission (SEC) requires reporting company issuers to file in order to issue shelf offerings.
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