SEC delays Ethereum ETF approval, Grayscale and BlackRock are still updating applications

Although the SEC (U.S. Securities and Exchange Commission) has delayed applications for spot Ethereum ETFs in recent weeks and is expected to be prone to rejection, Grayscale and BlackRock have updated their spot Ethereum ETF applications.

Grayscale submitted an S-3 registration statement to the SEC on April 23. The application marks the latest progress in Grayscale’s plan to convert the existing Grayscale Ethereum Trust into a spot ETF.

Grayscale calls this submission "another key document" together with NYSE Arca's earlier submission of Form 19b-4.

Grayscale also filed an S-1 registration statement for a mini Ethereum ETF, which corresponds to its proposed mini BTC ETF. The SEC has not approved these two mini-ETFs.

Meanwhile, Nasdaq amended BlackRock’s 19b-4 filing to include a proposed rule change through which Nasdaq intends to list BlackRock. Shares of Ryder’s planned iShares Ethereum Trust.

The update recommends creating and redeeming in cash rather than in kind. This aligns the proposed fund with the competing Ethereum ETF application as well as the previously approved spot BTC ETF.

In recent weeks, the SEC has delayed the deadlines for several Ethereum ETFs, with decisions on the applications expected to be made simultaneously in May.

Expectations for Ethereum ETF approval are at all-time lows.

Bloomberg ETF analyst Eric Balchunas initially said there was a 70% chance of approval earlier this year, and has now updated his forecast to a "very pessimistic 25%."

Polymarket reports that the SEC has only an 11% chance of approving an Ethereum ETF by May 31.

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