Bloomberg Forecast Spot ETH ETF Approval Timeline
The US Securities and Exchange Commission (SEC) has delayed Grayscale’s Ethereum trust conversion into a spot ETF, pushing the deadline to January 25, 2024. The SEC argues that the extended period is necessary to evaluate the proposed rule change and address the issues raised. The delay comes as the US agency is working with 13 spot Bitcoin ETF applicants on final amendments before a January 10 approval.
Despite the delay, the crypto community remains optimistic about the future of spot Ethereum ETFs. Bloomberg ETF analyst James Seyffart suggests that delays are normal and shared a table of all seven spot Ethereum ETF applicants and their deadlines. He hinted at potential approvals by mid-2024, responding to criticisms from Blockstream CEO Adam Back. Eric Balchunas of Bloomberg suggests that Ark and VanEck have strong odds of approval by their final deadline on May 23, 2024, as they are expected to use the same mechanics as spot Bitcoin ETFs and have already received the green light from the US SEC.
(With inputs from Shikha Singh)
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