The Securities and Exchange Commission has delayed a second decision on the proposed Ethereum ETF from the investment giant BlackRock.
The main application to create the iShares Ethereum Trust was submitted to the SEC in November, the federal regulator delayed it two months later, asserting that it needed “longer time to take action”. A new deadline of March 10 was set – and has now been dropped, according to Monday's filing.
The SEC has pushed back on Ethereum ETF applications elsewhere, including from Fidelity, Invesco and Galaxy Digital. Bloomberg ETF analyst James Seifert predicted delays would continue until May 23, the filing deadline from VanEck and Cathi Wood's investment firm Ark Invest. Those applications were submitted on September 6, 2023—Fidelity started in 2021—and saw their decision delayed two weeks later.
Demand for the Ethereum ETF is surging as Bitcoin surges to new all-time highs — coming within 6% of a much-anticipated milestone today. Bitcoin's frustration is largely due to the success of spot Bitcoin ETFs, which generated $1.84 billion in revenue in just one week. The possibility of the same happening with Ethereum, which has reached its highest price in over a year, is creating strong demand.
The upcoming Denkun update for the Ethereum network is also seen as a flash signal.
ETFs based on Ethereum futures have been available since October.
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