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Bloomberg analysts Eric Balchunas and James Seyffart, citing recent conversations and the SEC’s requirement to submit Form 19b-4, have increased their approval odds from 25% to 75%.
BlackRock, the world’s largest asset management company, has a good track record with the US Securities and Exchange Commission (SEC), having only one ETF application rejected in 2014. That ETF (BlackRock Total Return ETF) was initially rejected due to transparency and consistency issues with its net asset value (NAV).
However, an updated version of the ETF was released in December 2023, a month before the Bitcoin ETF was approved, addressing the SEC’s concerns. This story highlights BlackRock’s ability to successfully navigate regulatory challenges.
People are eagerly awaiting the SEC’s decision on the Ethereum ETF, with the deadline for multiple applications approaching.
James Seyffart shared Bloomberg terminal data listing the ETFs awaiting approval, including those from VanEck, ARK 21Shares, Hashdex, Grayscale, Invesco Galaxy, Fidelity, Franklin, and Bitwise.
Grayscale and BlackRock have been actively updating their applications. Grayscale has filed an S-3 registration statement to convert its existing Ethereum trust into a spot ETF.
The SEC’s cautious stance is influenced by concerns over market manipulation and the need for comprehensive market data on Ethereum. However, earlier this year, after Grayscale’s court victory, the spot Bitcoin ETF was approved, and a spot Ethereum ETF was launched in Hong Kong, bringing hope for similar Ethereum products.
Sentiment: Positive
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