Polymarket gets backlash over ‘approved’ outcome on $13M Ethereum ETF bet
A multi-million bet on “Ethereum ETF approved by May 31” resolved to a “Yes” on Polymarket as news from the SEC broke, but the losing side argues it's not over yet.
Polymarket users who lost money by betting against the approval of spot Ether
tickers down
$3,701
exchange-traded funds (ETFs) are crying foul toward the decentralized betting platform, arguing the bet is still on.
One betting market on the blockchain platform saw over $13.2 million worth of bets placed on whether an Ether ETF would be approved by May 31 — but it didn’t exactly detail what “approved” meant.
The market closed at a “Yes” result on May 23, after the Securities and Exchange Commission greenlit the 19b-4 filings for multiple Ether ETFs. Polymarket's logs show the result was briefly disputed but ultimately resolved with the same “Yes" outcome.
But “No” voters argue the call is incorrect, saying a United States ETF needs an approved 19b-4 filing and Form S-1 to start trading on an exchange, and without the S-1 filing, there can’t be a “Yes” result.
Analysts say it could be months before the SEC approves the S-1s, which some “No” voters may have banked their money on.
Prominent “No” bidder “JustKen” — who changed their name to “RevengeTour19B4” after the saga — pointed to VanEck digital assets research head Matthew Sigel’s X post that said “ETFs are not considered ‘approved’” until both the S-1 and “19b-4 filing have been signed off on by the SEC.
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