According to analysts, there are 15 Ether futures ETFs awaiting approval.
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on ARK 21Shares and VanEck’s spot Ether exchange-traded fund (ETF) applications. This comes after a September 26 announcement from the regulator that said it had extended the period to decide on ARK 21Shares and Global X spot bitcoin ETF applications.
In notices filed On September 27, the SEC said it would extend the deadline for its decision on whether to approve or reject a proposed rule change that would make it possible for VanEck and ARK 21Shares to list their spot eth ETFs on the Cboe BZX Exchange. The regulator stated that it had not received any public comments on the proposals and that it would move the deadline for action to December 25 for VanEck and December 26 for ARK 21Shares. The commission wrote:
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The announcement coincides with the Nasdaq stock market filing a rule change proposal with the SEC for the listing of its mixed eth ETF, which is a combination of spot Ether holdings and futures contracts. On the same day, proposed rule changes were filed with the New York Stock Exchange Arca for Grayscale ethereum Futures Trust, Hashdex bitcoin Futures ETF, and Cboe BZX Exchange for Franklin bitcoin ETF.
The SEC has yet to approve a spot crypto ETF in the US, but has been more receptive to cryptocurrency-linked futures ETFs and a leveraged bitcoin futures ETF. Reports suggest that the SEC is looking to accelerate the launch of Ether futures ETFs due to an impending government shutdown.
ethereum Futures ETFs Could Start Trading Next Week
In a September 28 post on social media platform This was in response to a post by ETF analyst Eric Balchunas, who wrote that he had heard that the SEC planned to “accelerate the launch of Ether futures ETFs.” He attributed this to an impending government shutdown, adding that the SEC wants the issue “to be taken off the table (before) the shutdown.”
UPDATE: Hearing that the SEC wants to accelerate the launch of Ether futures ETFs (because they want it off their plate before the close), so they asked filers to update their documents by Friday afternoon (not a small task to be completed in 48 hours, especially for independent issuers), so that they can go out on Monday and trade on Tuesday. https://t.co/gKyQFK12aM
– Eric Balchunas (@EricBalchunas) September 28, 2023
The US government shutdown is expected to begin at 12:01 a.m. ET on October 1 if Congress fails to reach an agreement on the new fiscal year or provide funding for it.
According to analysts, there are 15 Ether futures ETFs awaiting approval. Companies calling for an Ether future or hybrid ETF product include VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion and Roundhill.
In the September 27 note, analysts further gave Ether futures ETFs a 90% chance of launching in October. They added that, however, they did not expect all pending Ether futures ETFs to be launched.
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Mercy Mutanya is a technology enthusiast, digital marketer, writer and IT business management student. She likes to read, write, do crossword puzzles and watch her favorite television series.
