The U.S. Securities and Exchange Commission (SEC) has postponed its decision to approve or deny BlackRock and Fidelity’s Spot Ether (ETH) exchange-traded fund (ETF).
Separately March 4th Documents to be submittedthe SEC announced that its decision on BlackRock’s iShares Ethereum Trust and Fidelity Ethereum Fund applications will be delayed.
The SEC first deferred a decision on BlackRock and Fidelity’s Ether ETF application in January, shortly after approving the start of operations for a Spot Bitcoin (BTC) ETF. The SEC can delay a decision up to three times before making a final decision.
The SEC’s delay is not surprising, and market commentators and ETF analysts have long speculated that the SEC would only decide to approve or reject the ETF after the first final deadline arrives in May. Ta.
Bloomberg ETF analyst James Seifert wrote in a Feb. 7 post on He said there is.
Related: Ethereum network is highly valued, but ETH still offers a potential 17x return — Brian Russ
Meanwhile, Ether price continues to be fueled by broad market enthusiasm for possible approval, posting a 56.7% gain in the last month. We were not affected by today’s SEC decision to delay.
At the time of publication, ETH is trading at $3,754, up 13% for the week, according to CoinGecko data.
However, not everyone is convinced that Spot Ether ETF will become as important as Spot Bitcoin ETF. BlackRock’s iShares Bitcoin ETF already has a staggering $10 billion in assets under management alone.
Bloomberg ETF analyst Eric Braciunas said he and his colleague Seifert will soon have formal odds of approval for the ETH ETF, but the fund that has yet to be approved is “small” compared to the Bitcoin fund. “Potatoes,” he said.
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