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Home»ETHEREUM NEWS»SEC, BlackRock and Bitwise Delay Options Trading Decision on Spot Ethereum ETF
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SEC, BlackRock and Bitwise Delay Options Trading Decision on Spot Ethereum ETF

By Crypto FlexsSeptember 25, 20243 Mins Read
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SEC, BlackRock and Bitwise Delay Options Trading Decision on Spot Ethereum ETF
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The U.S. Securities and Exchange Commission (SEC) has delayed its decision to allow options trading on BlackRock and Bitwise’s spot Ethereum (ETH) exchange-traded funds (ETFs) until mid-November, according to a filing on September 24.

The new deadlines for BlackRock and Bitwise are November 10 and November 11, respectively. The SEC said it needed more time to consider the proposal, extending BlackRock’s initial 45-day review period that was originally set to end on September 26 after Nasdaq filed a rule change for the iShares Ethereum Trust ETF on July 22.

The same reasoning applied to Bitwise’s ETHW, whose proposed rule change was submitted a day later than BlackRock’s, pushing back the decision date to November 11.

Options are a very important element of cryptocurrency ETFs.

BlackRock’s iShares Bitcoin Trust (IBIT) received SEC approval for options trading on September 20.

Eric Balchunas, Bloomberg’s chief ETF analyst, said this is a “huge win” for Bitcoin (BTC) ETFs, as it will attract more liquidity and, as a result, more “big fish.”

Matthew Siegel, head of digital asset research at VanEck, also shared a report from K33 Research on September 24 that highlighted that Bitcoin’s derivatives market is 279 times smaller than the stock and commodities markets.

It is noteworthy that from September 1 to September 22, Bitcoin options trading volume on the top five centralized cryptocurrency exchanges reached approximately $33.3 billion.

Meanwhile, Ethereum options trading volume during the same period was just $9.2 billion, more than three times less than Bitcoin. So with the SEC adding options trading, Ethereum ETFs have even more room to grow.

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author

Gino Matos

Reporter for CryptoSlate

Gino Matos is a law school graduate and seasoned journalist with 6 years of experience in the cryptocurrency industry. His expertise is mainly focused on the Brazilian blockchain ecosystem and decentralized finance (DeFi) development.

editor editor

Assad Jafri

Editor and Reporter at CryptoSlate

AJ has been a passionate journalist for over 10 years, honing his skills globally since the Arab Spring in Yemen in 2011. He specializes in financial journalism and currently focuses on cryptocurrency reporting.

disclaimer: The opinions of our writers are solely theirs and do not reflect those of CryptoSlate. Any information you read on CryptoSlate should not be taken as investment advice, and CryptoSlate does not endorse any project mentioned or linked in this article. Buying and selling cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to the contents of this article. Finally, CryptoSlate is not responsible for any loss of money from cryptocurrency trading.

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