According to a filing, the U.S. Securities and Exchange Commission (SEC) postponed making a decision on a spot ether (ETH) exchange-traded fund (ETF) that Invesco and Galaxy Digital jointly proposed on Tuesday.
Professional investors would be able to directly invest in spot ether using the proposed offering. For regulated U.S. investors and funds, ether futures offered on CME are currently the sole options to wager on Ethereum’s rise. James Seyffart, an analyst with Bloomberg Intelligence, stated that the move to postpone was expected.
“It is entirely anticipated that there will be additional delays in the upcoming months,” stated Seyffart. Right now, May 23 is the only day that matters for spot Ethereum ETFs. This is the last day of the @vaneck_us deadline.
Grayscale Investments’ proposal to change its Ethereum trust product (ETHE) into an ETF was postponed by the SEC in January. Additionally, it postponed a decision regarding BlackRock’s ether ETF application.
Therefore, since ETF applications are anticipated to be accepted in May, financial giants anticipate ether to climb by as much as 70% in the upcoming months.
In a January report, Standard Chartered Bank stated, “We expect ETH prices to track, or outperform, bitcoin (BTC) during the comparable period heading into the expected approval date on May 23.” According to data, ETH saw the largest gain among majors during the last 24 hours, rising 2.2%.