SEC Delays Another Ether ETF Application
A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations.
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A decision for approving or denying a joint Ether ETF product has been pushed back, in line with analyst expectations.
GBTC has led bitcoin ETF volumes, mostly in outflows, since the products started trading in early January.
The British bank predicts that the SEC will eventually treat spot ether ETF applications similarly to bitcoin ETFs, putting May 23 as the expected date for an approval.
Venture Smart Financial Holdings is also aiming for a spot-bitcoin ETF and is involved in the discussions about the stablecoin sandbox.
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Observers said BITO will remain an integral part of the market as a hedging instrument for authorized participants associated with the recently launched spot ETFs.
Lawsuits against crypto exchanges offering staking services for proof-of-stake blockchains, including Ethereum, make approval of a spot ether ETF more challenging until these cases are resolved, the investment bank said.
The ether- bitcoin ratio has surged 10% in the first 19 days of the year, taking back part of last year’s 25% slide.
Analysts also pointed out that GBTC shares flipped to a 0.9% discount on Thursday amid “likely selling pressure.”
As the crypto industry matures, regulators have indicated they will continue to focus on crypto after the spot bitcoin ETF approvals.