SEC Delays Ethereum Spot ETFs: Hashdex & Ark 21Shares Wait (2024)

Key Points:

• The SEC has delayed decisions on the Hashdex and Ark 21Shares Ethereum spot ETFs to May 30 and May 24, 2024, respectively.
• Bloomberg ETF analyst Eric Balchunas has decreased his estimate for approval chances from 70% to 30% amid declining optimism.
• James Seyffart, another Bloomberg ETF analyst, anticipates that spot Ethereum ETFs will be denied as “the SEC hasn’t engaged with issuers on Ethereum specifics.”

The SEC Delays Ethereum spot ETFs to May 2024. Analysts expect the ETFs to be denied, citing the SEC’s lack of engagement on Ethereum specifics.

The Securities and Exchange Commission (SEC) has delayed decisions on the Hashdex and Ark 21Shares Ethereum spot exchange-traded funds (ETFs) to May 30 and May 24, 2024, respectively.

SEC Delays Ethereum Spot ETFs: What’s the Hold Up?

The SEC cited the need for additional time to consider the proposed rule changes and the issues raised. The Hashdex ETF, if approved, will hold spot ether and futures contracts, a decision on which has been postponed multiple times.

Likewise, the SEC is also postponing its decision on the Ark 21Shares Ethereum ETF, which would track ether’s performance.

Readmore: Wall Street Eyes Ethereum: Spot ETF Bets Boost ETH 13.6%

Prominent Firms Apply for Ethereum Spot ETFs Amid Dwindling Optimism

Prominent firms like Fidelity and BlackRock have applied for a spot Ethereum ETF in recent months, but optimism for approval has dwindled.

Bloomberg ETF analyst Eric Balchunas dropped his estimate for approval chances from 70% to 30%. Fellow Bloomberg ETF analyst James Seyffart stated these delays were anticipated and expects spot Ethereum ETFs to be denied.

“The SEC hasn’t engaged with issuers on Ethereum specifics,” Seyffart noted. Interestingly, the SEC has previously approved an ether futures-like ETF, but not a spot ether ETF or a mixed one.