The U.S. Securities and Exchange Commission is requesting public comment on changes to BlackRock’s proposed Ethereum spot exchange-traded fund.
The world’s largest asset manager is competing with others for a spot Ethereum ETF, but optimism that it could win SEC approval next month has waned. black stone contaminated Named iShares Ethereum Trust for a spot Ethereum ETF in November 2023, the company said it would pursue: “It generally reflects the performance of the price of Ether.”
Last January, the SEC postponed a decision on BlackRock’s spot Ethereum ETF, and on April 19, Nasdaq filed its report. revision On offer.
“The Commission is publishing this notice to solicit comments from interested parties on the proposed rule changes as amended by Amendment 1,” the SEC said in a filing Tuesday.
Comments will be posted on the SEC’s website and are due within 21 days, the agency said.
Detail
In the amended filing, the exchange discussed the ETF’s creation and redemption process and stated that “baskets are issued or redeemed only in exchange for an amount of cash determined by the trustee on each day the Nasdaq is open for regular trading.” This is different from the original filing Starting in November, this process will reportedly include ether.
The process of establishing the so-called cash repayment model and spot model was significant. scrutinized When issuers met with the SEC last year regarding spot Bitcoin ETFs. The product later received approval from the agency in January.
BlackRock’s latest amendment does not mention staking. Other companies such as fidelity and grayscale, changed its spot Ethereum application to include a staking provision. Grayscale also proposed a creation and redemption process involving cash.
large corporations, including fidelity and black stone, has been applying for a spot ether ETF over the past few months. Optimism about the SEC approving such products has steadily declined. For example, Bloomberg ETF analyst Eric Balchunas said: lowered His estimate for the likelihood of a spot Ethereum ETF being approved by May is around 70% to 25%.
Tuesday morning, the agency back Delays decision dates on other proposals from Franklin Templeton and Grayscale until June.
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