Bittime -The United States Securities and Exchange Commission (SEC) has not yet made a final decision regarding the approval of the Ethereum Structured Fund (Exchange-Traded Fund/ETF) submitted by Grayscale Investments and BlackRock. Despite delays in decision making and increasing speculation of rejection, both companies updated their application documents.
Grayscale and BlackRock Demonstrate Continuous Commitment
On April 23, 2024, Grayscale Investments filed an S-3 registration statement with the SEC . This move marks the latest progress in their plans to convert the Grayscale Ethereum Trust into a direct asset-based Ethereum ETF ( spot ETF ). Grayscale called this filing “another key step” that complements the Form 19b-4 filing previously filed by NYSE Arca.
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In addition to filing for a spot Ethereum ETF , Grayscale also filed an S-1 registration statement to launch a mini Ethereum ETF product. This mini ETF is the equivalent of the mini Bitcoin ETF they proposed previously. However, until now the SEC has not given approval to the two mini ETF products .
Meanwhile, Nasdaq also updated BlackRock 's Form 19b-4 application document . The update includes a proposed rule change that would allow Nasdaq to list and trade shares of BlackRock 's planned iShares Ethereum Trust .
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This proposal offers a cash-based mechanism for the formation and redemption of ETF units, instead of a mechanism for delivering physical assets (in-kind). As such, BlackRock is seeking to align their proposal with competing Ethereum ETF applications as well as previously approved spot Bitcoin ETFs.
SEC Decision Expected in May
Over the past few weeks, the SEC has postponed the decision deadline for a number of Ethereum ETF applications. It is estimated that decisions regarding all these applications will be announced simultaneously in May 2024.
Ethereum ETF application approval chances are currently at their lowest point. Bloomberg ETF analyst Eric Balchunas, who at the start of the year predicted a 70% chance, has now revised his prediction to "a very pessimistic 25% chance of approval."
In line with this prediction, Polymarket, a blockchain-based prediction platform, reported that the odds of an Ethereum ETF being approved by the SEC before May 31, 2024 are only 11%, based on bets submitted by users.
With the application documents updated amidst the decision delay, developments regarding the status of Ethereum ETFs in the United States continue to be in the spotlight. Will investors soon be able to invest in the second largest crypto asset via an ETF? Let's wait for the SEC's final decision in May.
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Ethereum (ETH )is available on Bittime with the market pair Ethereum (ETH )To be able to buy Ethereum (ETH )on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH ) on Bittime .
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Read also:
BlackRock Launches Bitcoin Education Series, What Is It?
SEC Ethereum ETF Decision: Pre-Expectations Review
Grayscale: Spot Ethereum ETF Worthy of Approval
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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