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BlackRock and Grayscale Await SEC’s Decision on Ethereum ETF
Amendments are slowing down SEC decisions for both BlackRock and Grayscale, despite experts indicating the agency’s limited involvement. The SEC will delay rulings on BlackRock and Grayscale’s spot Ethereum (ETH) exchange-traded fund (ETF) applications, each valued at $3,229.
The SEC announced delays in deciding on Grayscale’s application and in making amendments to BlackRock’s application just hours after postponing a decision on Franklin Templeton’s proposed spot Ethereum ETF.
SEC Extends Deadline for Grayscale’s ETH Trust Conversion
The Securities and Exchange Commission (SEC) was set to announce its decision regarding the conversion of Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca by April 24. However, this deadline has now been pushed back by 60 days to June 23.
In its notice on April 23, the SEC stated that it requires more time to evaluate the proposed rule change, especially after Grayscale’s filing of Amendment No. 1, which was published on April 2. Although the amendment strengthened Grayscale’s arguments, it did not substantially alter its proposal.
Additionally, the SEC is expected to reach a decision on the Franklin Templeton application by June 11.
On the same day, April 23, Grayscale filed an S-3 form for a Grayscale ETH Trust and an S-1 for a Grayscale ETH Mini Trust, indicating further developments in the cryptocurrency investment realm.
SEC notice of filing of BlackRock amendment. Source: sec.gov
Spot ETH ETF Applications Face Delays and Uncertainty
In November, BlackRock filed an S-1 application for a spot Ethereum (ETH) ETF. However, the decision on BlackRock’s application was postponed in March. Later that same month, the Securities and Exchange Commission (SEC) delayed decisions on Hashdex and ARK 21 spot ETH ETF applications by two months, now expected in late May.
On April 19, BlackRock submitted an amendment to its application. In response, the SEC issued a notice on April 23 outlining the changes introduced in the amendment, primarily focusing on the creation and redemption of shares. The notice also extends the comment period on the proposal for 21 days after its publication in the Federal Register. However, no new deadline for an SEC decision was specified.
Also Read: Cardano Shows Signs of Rebounding to $80 and Beyond
Source: Eleanor Terrett
Observers suggest that the SEC’s apparent disengagement with spot ETH ETF applications may indicate a looming rejection.
In a separate development, Grayscale secured a victory over the SEC in August when an appeals court partially overturned the SEC’s rejection of its application to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin (BTC) ETF.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#EThereum #ETHETF #ETH #ETF #Blackrock
The SEC announced delays in deciding on Grayscale’s application and in making amendments to BlackRock’s application just hours after postponing a decision on Franklin Templeton’s proposed spot Ethereum ETF.
SEC Extends Deadline for Grayscale’s ETH Trust Conversion
The Securities and Exchange Commission (SEC) was set to announce its decision regarding the conversion of Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca by April 24. However, this deadline has now been pushed back by 60 days to June 23.
In its notice on April 23, the SEC stated that it requires more time to evaluate the proposed rule change, especially after Grayscale’s filing of Amendment No. 1, which was published on April 2. Although the amendment strengthened Grayscale’s arguments, it did not substantially alter its proposal.
Additionally, the SEC is expected to reach a decision on the Franklin Templeton application by June 11.
On the same day, April 23, Grayscale filed an S-3 form for a Grayscale ETH Trust and an S-1 for a Grayscale ETH Mini Trust, indicating further developments in the cryptocurrency investment realm.
SEC notice of filing of BlackRock amendment. Source: sec.gov
Spot ETH ETF Applications Face Delays and Uncertainty
In November, BlackRock filed an S-1 application for a spot Ethereum (ETH) ETF. However, the decision on BlackRock’s application was postponed in March. Later that same month, the Securities and Exchange Commission (SEC) delayed decisions on Hashdex and ARK 21 spot ETH ETF applications by two months, now expected in late May.
On April 19, BlackRock submitted an amendment to its application. In response, the SEC issued a notice on April 23 outlining the changes introduced in the amendment, primarily focusing on the creation and redemption of shares. The notice also extends the comment period on the proposal for 21 days after its publication in the Federal Register. However, no new deadline for an SEC decision was specified.
Also Read: Cardano Shows Signs of Rebounding to $80 and Beyond
Source: Eleanor Terrett
Observers suggest that the SEC’s apparent disengagement with spot ETH ETF applications may indicate a looming rejection.
In a separate development, Grayscale secured a victory over the SEC in August when an appeals court partially overturned the SEC’s rejection of its application to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin (BTC) ETF.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#EThereum #ETHETF #ETH #ETF #Blackrock
BlackRock and Grayscale Await SEC’s Decision on Ethereum ETF
READ HERE: https://www.binance.com/en/square/post/7203006263193
#EThereum #ETHETF #ETH #ETF #Blackrock $ETH
READ HERE: https://www.binance.com/en/square/post/7203006263193
#EThereum #ETHETF #ETH #ETF #Blackrock $ETH
Seeing red in the #EThereum market today as $ETH takes a dip.
Opportunity for some savvy traders or a chance to accumulate more for the long term?
#ETHETFS #buythedip #CryptoWatchMay2024
Opportunity for some savvy traders or a chance to accumulate more for the long term?
#ETHETFS #buythedip #CryptoWatchMay2024
#Write2earn
ETHEREUM PRICE COULD SKYROCKET TO $10,000 IN 2024, PREDICTS PROMINENT TRADER
#EThereum #EthereumETF #etf #ETFinflow
A prominent trader forecasts Ethereum (ETH) could surge to $10,000 in 2024, nearly tripling from its current $3,600 level.
Investment Surge
Last week, cryptocurrency investment products saw nearly $2 billion in inflows, extending a five-week trend to over $4.3 billion, reports CoinShares.
Exchange-traded products (ETPs) trading volumes hit $12.8 billion, up 55% from the previous week. Bitcoin led with $1.97 billion in inflows, while Ethereum saw its highest weekly inflows since March, totaling nearly $70 million.
ETFs Resurgence
U.S. spot Bitcoin ETFs have rebounded since mid-May. BlackRock's IBIT, after a sluggish April, became the largest Bitcoin ETF last week with over $20 billion in assets since January.
"Unusually, inflows were seen across nearly all providers, with a slowdown in outflows from incumbents," noted CoinShares analyst James Butterfill. "Positive price action pushed total assets under management (AuM) past $100 billion for the first time since March."
Butterfill attributed the ETH buying spree to the SEC's approval of spot ether ETFs, predicting continued inflows into ETH products and a potential year-end rally.
Expert Optimism
Ed Hindi, CIO at Tyr Capital, expressed optimism: "We could see $5-10 billion of fresh capital flowing into ether products soon, possibly fueling an end-of-year rally to new highs."
Hindi suggested a $10,000 price target for ETH in 2024, citing its deflationary nature and other supportive factors.
Regulatory Milestone
In May, the SEC approved key regulatory filings for ETH ETFs, marking a significant milestone. The approval includes ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco Galaxy, and BlackRock, allowing them to list on major exchanges like Nasdaq, NYSE Arca, and Cboe BZX.
4o
ETHEREUM PRICE COULD SKYROCKET TO $10,000 IN 2024, PREDICTS PROMINENT TRADER
#EThereum #EthereumETF #etf #ETFinflow
A prominent trader forecasts Ethereum (ETH) could surge to $10,000 in 2024, nearly tripling from its current $3,600 level.
Investment Surge
Last week, cryptocurrency investment products saw nearly $2 billion in inflows, extending a five-week trend to over $4.3 billion, reports CoinShares.
Exchange-traded products (ETPs) trading volumes hit $12.8 billion, up 55% from the previous week. Bitcoin led with $1.97 billion in inflows, while Ethereum saw its highest weekly inflows since March, totaling nearly $70 million.
ETFs Resurgence
U.S. spot Bitcoin ETFs have rebounded since mid-May. BlackRock's IBIT, after a sluggish April, became the largest Bitcoin ETF last week with over $20 billion in assets since January.
"Unusually, inflows were seen across nearly all providers, with a slowdown in outflows from incumbents," noted CoinShares analyst James Butterfill. "Positive price action pushed total assets under management (AuM) past $100 billion for the first time since March."
Butterfill attributed the ETH buying spree to the SEC's approval of spot ether ETFs, predicting continued inflows into ETH products and a potential year-end rally.
Expert Optimism
Ed Hindi, CIO at Tyr Capital, expressed optimism: "We could see $5-10 billion of fresh capital flowing into ether products soon, possibly fueling an end-of-year rally to new highs."
Hindi suggested a $10,000 price target for ETH in 2024, citing its deflationary nature and other supportive factors.
Regulatory Milestone
In May, the SEC approved key regulatory filings for ETH ETFs, marking a significant milestone. The approval includes ETFs from VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco Galaxy, and BlackRock, allowing them to list on major exchanges like Nasdaq, NYSE Arca, and Cboe BZX.
4o
