📣 Ethereum ETFs: Here Are All the Applications Awaiting SEC Approval #ETFvsBTC #ETHETFS
👉 Here are the filings currently sitting on the SEC’s desk awaiting approval. The SEC decision deadline for the proposed products varies from end of May to early August.
🔸BlackRock, the world’s biggest asset manager, filed an S-1 form for its proposed iShares Ethereum Trust back in November.
🔹The SEC delayed making a decision on the fund manager’s potential product earlier this year and now has until August 7.
🔸The firm’s CEO, Larry Fink, is seemingly enthusiastic about the cryptocurrency and its network, and has said that there is “value in having an Ethereum ETF.” He has also talked about “tokenization” being inevitable.
🔹Crypto asset manager Grayscale is awaiting an answer from the SEC after filing a proposal in October to convert its Grayscale Ethereum Trust into a spot Ethereum ETF.
🔸The current trust right now operates like a closed-end fund; the idea is that as an ETF, it would be easier for investors to redeem shares. Its Bitcoin Trust converted into an ETF in January, so there’s already precedent for how such a crypto vehicle can transition over to a spot ETF.
🔹Grayscale is a big part of the reason why Bitcoin ETFs are trading in the U.S. right now. In a landmark moment for the crypto industry last year, a judge sided with the firm in a lawsuit, agreeing with the firm that Wall Street’s biggest regulator lacked a coherent explanation for denying its proposed conversion to a Bitcoin ETF after years of denials.
🔸The ruling paved the way for the SEC to give the green light to spot Bitcoin ETFs.
🔹Despite this, the SEC doesn’t appear to be in a hurry to say yes to the latest approval—it pushed back on giving a decision in January. The regulator now has until June 18 to say yes or no.
🔸And just last month, the firm filed for a “mini” Ethereum Trust as well. The idea with the fund is that it would have lower fees for shareholders.
