Crypto News– The U.S. Securities and Exchange Commission (SEC) postponed its decision on a spot ether (ETH) exchange-traded fund (ETF) proposed jointly by Invesco and Galaxy Digital, according to a filing released on Tuesday.
Ether ETF:SEC Pushes Back Evaluation of Yet Another Ether ETF Application
The proposed ETF aims to provide professional investors with direct exposure to spot ether. Currently, ether futures listed on CME represent one of the few avenues for regulated U.S. investors and funds to invest in Ethereum’s potential growth. Bloomberg Intelligence analyst James Seyffart remarked that the decision to delay was widely anticipated.
“It was 100% expected, and further delays are likely to occur in the coming months,” Seyffart commented. “The critical date for spot #ethereum ETFs right now is May 23, which is @vaneck_us‘s final deadline date.”
Earlier in January, the SEC also deferred a decision on Grayscale Investments’ application to convert its Ethereum trust product (ETHE) into an ETF. Additionally, a decision on BlackRock’s application for an ether ETF was delayed.
In anticipation of potential ETF approvals in May, major financial institutions anticipate a surge in ether’s value, with forecasts suggesting a potential rise of up to 70% in the coming months.
“Leading up to the anticipated approval date on May 23, we anticipate ETH prices to closely follow, or even surpass, bitcoin (BTC) during the same period,” noted a statement from Standard Chartered Bank in January.
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