Anticipation Grows As SEC Takes More Time To Evaluate BlackRock’s Ethereum ETF
The U.S. Securities and Exchange Commission (SEC) has extended the decision timeline for BlackRock’s application for a spot Ethereum exchange-traded fund (ETF).
The regulatory filing on Wednesday cited the need for a longer period to evaluate the proposal. BlackRock, the world’s largest asset manager, submitted the application in November for an ETF focused on Ethereum (ETH), aiming to provide investors exposure to the second-largest cryptocurrency by market capitalization. BlackRock CEO Larry Fink expressed the value of having an Ethereum ETF, considering it a stepping stone towards tokenization.
While BlackRock’s spot Bitcoin (BTC) ETF was approved and began trading on January 11, the decision on the Ethereum ETF is now anticipated to take more time. Other major firms like Ark Invest, Fidelity, and Grayscale are also seeking approval for their Ethereum ETFs, following the recent SEC approval of spot Bitcoin ETFs after a decade of rejections. Analysts, including senior Bloomberg Intelligence analyst Eric Balchunas, express optimism, with Balchunas stating a 70% confidence in the approval of a spot Ethereum ETF by May.
Clever Robot News Desk 26th January 2024
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