Ether ETF verdict: Gensler stays muted

According to an interview with Gary Gensler, the Chair of the SEC, there is little information available about spot Ether exchange-traded funds (ETFs). Gensler stated that the decision-making process for Ether ETFs will be handled in the same way as Bitcoin ETFs, but did not provide any details about the current status or potential timeframe for approval. The SEC recently delayed its decision on the Invesco Galaxy Ether ETF and has also postponed decisions on Ethereum ETF applications from Grayscale, Fidelity, and BlackRock, among others. Franklin Templeton, a major asset management firm, recently submitted an S1 filing for a spot Ether ETF, signaling its interest in generating passive income from the ETF’s Ether holdings. The approval of Bitcoin ETFs has raised optimism about the approval of Ether ETFs, but experts have differing opinions on the likelihood of approval in 2024. The SEC must decide on various Ether ETF applications by specific dates throughout the year. Bloomberg ETF analyst James Seyffart anticipates a simultaneous decision on all outstanding Ether ETF applications by May 23, similar to the approval process for Bitcoin ETFs. Bloomberg ETF analyst Eric Balchunes has lowered the probability of a spot Ether ETF approval in 2024. Despite uncertainties surrounding Ether ETFs, BlackRock’s iShares Bitcoin Trust has become the first spot Bitcoin ETF in the US to surpass the 100,000 BTC mark.