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SEC Delays Spot Ethereum ETFs while Bitcoin ETFs Draw Institutional Interest

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SEC Delays Spot Ethereum ETFs while Bitcoin ETFs Draw Institutional Interest


In Brief

  • Spot Ethereum ETFs face uncertain future in the US as SEC re-postpones decision.
  • Asset manager Hightower discloses a significant investment in spot Bitcoin ETFs.
  • Regulatory landscape remains a key factor in the trajectory of spot crypto ETFs.

The United States Securities and Exchange Commission (SEC) has once again delayed its decision on highly-anticipated Ethereum exchange-traded funds (ETFs). This postponement marks another chapter in the complex interplay between regulatory actions and market dynamics in the crypto sector.

Meanwhile, amidst this uncertainty, Hightower, a New York-based firm with over $130 billion of assets under management (AUM), has opted to intensify its investments. The firm is focusing on various spot Bitcoin ETFs.

Dampened Ethereum ETFs Prospects as Bitcoin ETFs Show Resilience

The SEC’s recent filing extended the review period for Galaxy Invesco’s Ethereum ETF application by an additional 60 days. This pushes the next decision deadline to July 5.

“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,” the SEC outlined.

This delay follows a pattern, as the SEC deferred decisions on similar applications from financial giants like BlackRock and Fidelity in March. The continued delay raises doubts across the sector. Prominent figures like Jan van Eck, CEO of VanEck, are expressing skepticism about the likelihood of approval shortly.





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Analysts James Seyffart and Eric Balchunas of Bloomberg Intelligence have even significantly lowered the approval probability to less than 35%. Moreover, Todd Rosenbluth, head of ETF analysis at VettaFi, believes the approval is more likely to be delayed “until 2024 or longer.” He attributes the delay to an unclear regulatory environment.

Echoing Rosenbulth’s predictions, Michael Saylor of MicroStrategy projects that the SEC might classify Ethereum as a security. Consequently, the commission may deny the spot Ethereum ETF applications from several asset managers, including BlackRock. Nonetheless, the market eagerly awaits the SEC’s responses to spot Ethereum ETF filings from VanEck and ARK on May 23 and 24.

Despite Ethereum ETFs’ challenges, Bitcoin ETFs are experiencing a contrasting narrative. Hightower recently disclosed substantial acquisitions in various Bitcoin ETFs totaling $68.35 million. This portfolio includes significant stakes in offerings from Grayscale ($44,84 million), Fidelity ($12.41 million), BlackRock ($7.62 million), ARK ($1.7 million), Bitwise ($998,000), and Franklin Templeton ($778,000).

This investment spree comes at a crucial time for Bitcoin ETFs in the US. They have seen a resurgence of investor interest.

After seven days of consecutive outflows, the market witnessed an impressive inflow. A total of $378.24 million flowed into US-traded Bitcoin ETFs on May 3.

Total US Bitcoin Spot ETF Net Inflow.
Total US Bitcoin Spot ETF Net Inflow. Source: SoSo Value

Notably, the Grayscale Bitcoin Trust (GBTC), which had suffered from persistent outflows since its first trading day, also recorded a fresh inflow. It received $63.01 million on the same day.

As the crypto market evolves, regulatory decisions by bodies like the SEC will be crucial in shaping its future. For now, the community remains watchful and hopeful for a regulatory framework that fosters innovation while ensuring market stability and investor protection. Meanwhile, the strategic moves by firms like Hightower may signal how major players navigate the complexities of crypto investments.

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