Fidelity Spot Ethereum ETF Has New Deadline For SEC On March 5

Key Points:

• The SEC has prolonged the decision deadline for Fidelity spot Ethereum ETF, pushing it to March 5 for a more comprehensive evaluation of the proposed rule change.
• Fidelity, in competition with BlackRock, applied for an Ethereum spot ETF in November.

The U.S. Securities and Exchange Commission (SEC) has extended the deadline for its decision on Fidelity spot Ethereum ETF, as disclosed in a filing on Thursday.

Read more: Top Ethereum Native Projects By Category

SEC Postpones Decision on Fidelity Spot Ethereum ETF

The new deadline is now March 5, providing the SEC with additional time to thoroughly assess the proposed rule change and the associated concerns.

In a statement, the SEC justified the extension, stating, “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

Bloomberg ETF analyst James Seyffart, anticipating the delay, expressed on X: “Dates that really matter are late May in my view.” March 5 has been marked as the next decisive date by the SEC.

Fidelity, having submitted its application for a Fidelity spot Ethereum ETF in November of the preceding year, now awaits the SEC’s verdict, which may involve approval, disapproval, or the initiation of proceedings.

The SEC recently granted approval for 11 spot Bitcoin ETFs to commence trading, fueling speculation within the industry about the potential approval of a spot Ethereum ETF in the near future.

Fidelity, in competition with BlackRock, entered the race for an Ethereum ETF last year. The SEC’s decision is awaited with heightened interest, especially in light of the earlier launch of ether futures ETFs a month before these spot ETF applications were submitted.