- SEC delays Hashdex Ethereum ETF decision to May 30, 2024.
- Hashdex Nasdaq Ethereum ETF combines ether spot and futures contracts.
- SEC seeks public input on ARK 21Shares Ethereum ETF until May 24, 2024.
The deadline for the decision by the U.S. Securities and Exchange Commission on the approval of the Hashdex Nasdaq Ethereum exchange-traded fund has been delayed. If approved, the Hashdex ETF will include both ether spot and futures contracts in its holdings. The SEC has pushed back the decision date to May 30, 2024, as announced in a notice on Tuesday.
The Nasdaq stock exchange filed the application for the Hashdex Nasdaq Ethereum ETF with the SEC in September. The fund is managed and overseen by Toroso Investments, a registered commodity pool operator with the Commodity Futures Trading Commission and a member of the National Futures Association. In December, the SEC sought public input on the proposed ETF and has since deferred its final decision multiple times.
The SEC has articulated:
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
Probability of Approval by May Reduced
The SEC issued a communication on Tuesday indicating that it would delay its decision on the ARK 21Shares Ethereum ETF, designed to track ether’s value, until May 24, 2024. The SEC is also inviting public comments on this proposal.
Major firms such as Fidelity and BlackRock have submitted applications for a spot Ethereum ETF. However, the chances of the SEC approving such a product have been on the decline in recent weeks. Bloomberg’s ETF analyst, Eric Balchunas, has recently updated his estimate of the probability of a spot Ethereum ETF being approved by May from roughly 70% to 30%.
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