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Cryptocurrency News Articles
SEC Postpones Decisions on BlackRock, Bitwise Spot Ethereum (ETH) ETF Rule Changes
Sep 26, 2024 at 12:38 am
The U.S. Securities and Exchange Commission (SEC) has postponed decisions on Nasdaq’s proposed rule changes regarding the listing and trading of options
The U.S. Securities and Exchange Commission has postponed decisions on Nasdaq’s proposed rule changes regarding the listing and trading of options for BlackRock and Bitwise’s spot Ethereum (ETH) exchange-traded funds (ETFs).
Initially set for this week, the SEC extended the deadlines to Nov. 10 for BlackRock’s fund and Nov. 11 for Bitwise’s. The SEC’s release confirmed this extension on Sept.24, stating that the agency needed more time to evaluate the proposals.
The delay affects BlackRock’s iShares Ethereum Trust ETF and Bitwise’s spot Ethereum ETFs, which aim to simplify access to Ethereum for retail and institutional investors. The Nasdaq International Securities Exchange filed the rule change proposal on Aug. 6 for BlackRock’s fund, designed to remove the operational complexities of direct investment in Ethereum while offering exposure to the digital asset.
The SEC extended the review period shortly after approving options trading for BlackRock’s iShares Bitcoin Trust (IBIT) in September. Market analysts saw this move as a significant development for cryptocurrency-based ETFs, offering increased accessibility to investors in traditional markets.
Further Ethereum ETF Delays for NYSE American’s Proposals
In addition to Nasdaq’s filings, the SEC also postponed decisions on similar proposals from NYSE American. These proposals involve the listing and trading options on Bitwise’s spot Ethereum ETFs, the Grayscale Ethereum Trust, and Grayscale Ethereum Mini Trust. According to the SEC’s release, the new deadline for these decisions is Nov. 11.
Both BlackRock and Bitwise’s Ethereum ETFs are structured to make Ethereum investments more straightforward for investors, especially those unfamiliar with the technical aspects of managing the cryptocurrency directly. BlackRock’s fund, in particular, has garnered attention, holding net assets valued at approximately $977 million as of late September, with total net inflows reaching $1.10 billion, according to data from SoSoValue. Despite this, Ethereum ETFs have experienced negative net flows of $624 million since their launch on July 23.
The SEC’s decision to extend the deadlines follows its earlier rulings on Bitcoin ETF options trading. The market will now wait until November for further updates on the Ethereum-focused funds.
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