Invesco and Galaxy Digital’s Ethereum ETF decision was not expected until December 23rd but in a new twist, Bloomberg ETF analyst James Seyffart has reported a delay in the SEC’s decision on this application.
The Invesco Galaxy Ethereum ETF
Invesco joined the race for crypto ETF in September to roll out the Invesco Galaxy Ethereum ETF, a joint effort with Galaxy Digital Funds. This ETF was meant to hold Ethereum (ETH) directly so that it is distinct from several Ethereum futures ETFs that are preparing to go live very soon.
Notably, Invesco and Galaxy had earlier filed for joint physically-backed Bitcoin ETF before finally retracting the application.
“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however, we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF,” Invesco explained.
It is, however, a major contender for Ethereum spot ETF, a truly dynamic twist.
SEC Delays Multiple ETF Applications
In terms of the delay, Invesco is not the only asset manager that has received such news from the SEC about its application. A week ago, the SEC announced a 45-day extension for its decision on the Grayscale Ethereum Trust’s application for a spot ETF. This meant that its expected verdict by December 6, 2023, was no longer valid, rather the new deadline was moved to January 25, 2024.
On the other hand, the SEC has requested feedback from the public on Fidelity’s proposed rule change for a similar product and the asset manager is still expecting a verdict from the regulator.
Also, the broad crypto industry is waiting for a decision from the SEC on the spot Bitcoin ETF applications made by BlackRock, Fidelity, WisdomTree, and many other companies. It is barely four weeks away from the short approval window the SEC has to approve the batch of due applications in January.
The anticipation is building intensely and crypto proponents are still very positive that the regulator will rule favorably on these applications and possibly mark the first time that a spot Bitcoin ETF will be approved in the United States.
This news is republished from another source.
