The Securities and Exchange Commission (SEC) has delayed its decision on several Ethereum ETFs until May 2024, according to its filings on December 18, 2023.
Some of the Ethereum ETFs that are awaiting the SEC’s approval are Hashdex Nasdaq and Grayscale.
Hashdex aims to invest in both current and future Ether contracts, giving investors access to the potential growth of the Ethereum network.
On the other hand, Grayscale Ethereum Futures ETF is based on Ether futures contracts — agreements to buy or sell Ether at a fixed price and date in the future. Grayscale hopes that this ETF will persuade the SEC to approve its Ethereum Trust as a spot Ethereum ETF.
The SEC said that it needs more time and public input to evaluate the merits and risks of these funds. Also, its decision on three other spot Ethereum ETFs proposed by VanEck, ARK Invest, and 21Shares was postponed.
Meanwhile, the crypto market is eagerly anticipating the SEC’s verdict on 13 spot Bitcoin ETFs, which are expected to be announced by January 10, 2024.
Bloomberg’s ETF experts Seyffart and Balchunas have predicted a 90% chance of approval for a spot Bitcoin ETF. They believe that a spot Bitcoin ETF would attract more institutional investors and drive up the demand and price of Bitcoin.
Bitcoin has seen a remarkable rally in the past six months, increasing by over 44% from July to December 2023. Ethereum’s price has risen by 16.8% in the same period, according to TradingView data.
