SEC Grants More Time for Grayscale and BlackRock ETF Evaluations in Dynamic Crypto Market
The Security and Exchange Commission (SEC) announced today that it requires more than 45 days to assess a proposed rule change allowing Grayscale to convert its Ethereum trust into an Ethereum spot ETF.
The new deadline for the evaluation is on January 25, 2024. This update coincides with BlackRock’s notification to the regulatory body that its pending Bitcoin spot ETF has secured $100,000 in seed funding from an undisclosed investor. Grayscale’s decision follows a recent SEC delay of a separate request for evaluating its proposal for an Ethereum futures ETF, submitted in September.
The SEC cited the need for additional time in both instances, emphasizing the importance of thorough consideration. In the case of BlackRock, its amended Form S-1 registration for the iShares Bitcoin Trust reveals a “seed capital investor” affiliated with BlackRock, purchasing 4,000 shares at $25 per share on October 27, totaling $100,000 in proceeds.
Clever Robot News Desk 6th December 2023