Although the SEC (U.S. Securities and Exchange Commission) has delayed its application for a spot Ethereum ETF in recent weeks and is expected to be rejected, Grayscale and BlackRock have updated their spot Ethereum ETF applications.
Grayscale filed an S-3 registration statement with the SEC on April 23, marking the latest development in Grayscale’s plan to convert the existing Grayscale Ethereum Trust into a spot ETF.
Grayscale called this filing, along with NYSE Arca’s earlier Form 19b-4 filing, “another key document.”
Grayscale has also filed an S-1 registration statement for a mini Ethereum ETF that corresponds to its proposed mini BTC ETF. The SEC has yet to approve either mini ETF.
At the same time, Nasdaq amended BlackRock’s 19b-4 filing to include a proposed rule change by which it intends to list and trade shares of BlackRock’s planned iShares Ethereum Trust.
The update proposes to create and redeem in cash rather than in-kind, which would align the proposed fund with competing Ethereum ETF applications and previously approved spot BTC ETFs.
The SEC has pushed back the deadlines for several Ethereum ETFs in recent weeks and is expected to make decisions on those applications simultaneously in May.
Expectations for an Ethereum ETF to be approved are at an all-time low.
Bloomberg ETF analyst Eric Balchunas initially said there was a 70% chance of approval earlier this year, but has now updated his forecast to a "very pessimistic 25%."
Polymarket reports that the chances of the SEC approving an Ethereum ETF by May 31 are only 11%.
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