The United States Securities and Exchange Commission (SEC) has announced a delay in its decision regarding asset manager Fidelity’s Ether (ETH) exchange-traded fund (ETF) application. The SEC extended the deliberation period by an additional 45 days to thoroughly consider the proposed rule change and related issues. The new decision date is set for March 5.
Bloomberg ETF analyst James Seyffart expressed his expectation of the delay, suggesting that the crucial dates to watch are in late May. He referred to May 23, which is the SEC’s final deadline for approving or denying VanEck’s Ether ETF.
Some analysts anticipate that the SEC may approve multiple pending spot Ether ETF applications simultaneously, similar to its approach with spot Bitcoin ETFs.
In addition to the delay in the Fidelity Ether ETF decision, Direxion submitted applications for five Bitcoin ETFs to the SEC on January 18. This move follows similar applications by rivals ProShares, which filed for five leveraged Bitcoin-tracking ETFs on January 16, and REX Shares, which submitted applications for six leveraged Bitcoin ETFs on January 3.
These filings represent a growing interest in leveraged Bitcoin ETFs, as financial firms seek to offer investment products that provide leveraged exposure to Bitcoin’s price movements.
In summary, the SEC has delayed its decision on Fidelity’s Ether ETF application, extending the timeline for consideration. Meanwhile, multiple firms are actively pursuing the creation of leveraged Bitcoin ETFs, reflecting the continued evolution and expansion of the cryptocurrency ETF market.
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