The U.S. Securities and Exchange Commission (SEC) acknowledged the proposed rule changes for the ProShares Ethereum ETF and approved Ark Invest’s application to exit 21 Shares on June 10.

The SEC's notice to ProShares showed that while it acknowledged the proposed rule change, it did not approve it.

The SEC must act within 45 days of the proposal being published, but can choose to delay that to 90 days, at which point the agency must approve, disapprove or initiate additional proceedings to determine the outcome of the application.

That timeline could extend ProShares' launch date beyond those of its competitors.

“Instinct initially said this ETF would not launch with the other ETFs on day one, whenever it launches, but who knows,” said James Seyffart, an ETF analyst at Bloomberg.

NYSE Arca aims to list and trade shares of the ProShares funds.

The SEC confirmed that 21Shares’ proposed fund can continue to operate without Ark Invest serving as the fund’s title and subadvisor.

The agency waived its usual 30-day operational delay to make the changes effective on the filing date. It allowed the changes to be made immediately because they would not significantly affect investor protection or burden competition.

Ark and 21Shares disclosed they had parted ways with respect to the fund on May 31.

Ark said in a statement to Bloomberg ETF analyst Erich Balchunas that it "will not move forward" with the Ethereum ETF, but did not provide an apparent reason for its withdrawal. Currently, the company is still involved in the spot BTC ETF ARKB.

Although the SEC approved 19b-4 rule changes for eight spot ETH ETFs on May 23, the agency has yet to approve the applicants’ S-1 registration statements.

As a result, applicants have yet to launch products for trading, and the various spot Ethereum ETFs do not have clear launch dates.

Balchunas thinks the applications could be launched by the end of June, with an “out-of-bounds” date of July 4. JPMorgan thinks the funds will begin trading in November.

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