Crypto News– The United States Securities and Exchange Commission (SEC) has decided to delay its verdict on whether to greenlight or reject BlackRock and Fidelity’s proposed Ethereum exchange-traded funds (ETFs). This postponement was revealed in separate filings on March 4th, where the SEC stated that it needs more time to consider the applications from BlackRock for its iShares Ethereum Trust and Fidelity for its Ethereum Fund.
SEC Delays BlackRock and Fidelity’s Ethereum ETF Applications
This delay isn’t entirely unexpected, given the ongoing speculation within the market and among ETF analysts. Many have anticipated that the SEC would hold off on making a final decision until the looming May deadline. The SEC can extend this deadline up to three times before reaching a conclusion.
Bloomberg ETF analyst James Seyffart previously highlighted May 23rd as the pivotal date, particularly concerning VanEck’s spot ETH ETF application. This delay hasn’t had a significant impact on Ethereum’s price, which has continued to surge due to broader market optimism regarding potential ETF approval. Over the past month, Ether has seen impressive gains, rising by 56.7%. As of now, ETH is trading at $3,754, marking a 13% increase for the week according to CoinGecko data.
Despite the enthusiasm surrounding Ethereum ETFs, not everyone is convinced that they will have the same impact as Bitcoin ETFs. BlackRock’s iShares Bitcoin ETF alone has already amassed a staggering $10 billion in assets under management. Bloomberg ETF analyst Eric Blachunas noted that while formal odds on an ETH ETF approval are forthcoming, he and his colleague Seyffart view these yet-to-be-approved funds as relatively minor compared to their Bitcoin counterparts.
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