April

Grayscale Bitcoin Trust

The United States Securities and Exchange Commission (SEC) will delay its decisions on the BlackRock and Grayscale applications for spot Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) exchange-traded funds (ETFs). The SEC released notices of the delay in the Grayscale decision and the amending of the BlackRock application just hours after the agency pushed back its decision on Franklin Templeton’s proposed spot ETH ETF.&nbsp;
The SEC decision on converting digital asset manager Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca was due on April 24, but will now be extended 60 days to June 23.
“The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change, as modified by Amendment No. 1,” the agency <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-100014.pdf" target="_blank" rel="noopener noreferrer nofollow">wrote</a> in its notice on April 23. It <a href="https://www.sec.gov/files/rules/sro/nysearca/2024/34-99887.pdf" target="_blank" rel="noopener noreferrer nofollow">published</a> the notice of Grayscale’s amendment filing on April 2. The amendment strengthened Grayscale’s arguments, but did not materially change its proposal.
Related: <a href="https://cointelegraph.com/news/ethereum-spot-etf-probably-rejected-van-eck-ceo" rel="noopener noreferrer nofollow">Ether ETFs will ‘probably be rejected’ in May — VanEck CEO</a>
The SEC is now <a href="https://cointelegraph.com/news/sec-franklin-templeton-spot-ether-etf-delay" rel="noopener noreferrer nofollow">expected to make a decision</a> on the Franklin Templeton application by June 11.
Also on April 23, Grayscale <a href="https://www.sec.gov/Archives/edgar/data/1725210/000119312524106965/d655139ds3.htm" target="_blank" rel="noopener noreferrer nofollow">filed</a> an S-3 form, which is similar to the S-1 but shorter, for a Grayscale ETH Trust and an <a href="https://www.sec.gov/Archives/edgar/data/2020455/000119312524106957/d756153ds1.htm" target="_blank" rel="noopener noreferrer nofollow">S-1</a> for a Grayscale ETH Mini Trust.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/2096b6fa-d2ed-409f-b082-b8278f4ad4dd.png">
 <figcaption style="text-align: center;">SEC notice of filing of BlackRock amendment. Source: sec.gov
 </figcaption>
</figure>
BlackRock <a href="https://cointelegraph.com/news/blackrock-files-s1-form-for-spot-ether-etf-with-sec" rel="noopener noreferrer nofollow">filed an S-1 application</a> for a spot ETH ETF in November. The decision on the BlackRock application <a href="https://cointelegraph.com/news/sec-delays-ethereum-etf-applications-blackrock-fidelity" rel="noopener noreferrer nofollow">was delayed in March</a>. Later that month, the SEC <a href="https://cointelegraph.com/news/sec-delays-hashdex-ark-21shares-eth-etfs-approval-hopes-slashed" rel="noopener noreferrer nofollow">pushed back decisions on Hashdex</a> and ARK 21 spot ETH ETF applications by two months to late May.
BlackRock filed the <a href="https://listingcenter.nasdaq.com/assets/rulebook/nasdaq/filings/SR-NASDAQ-2023-045_Amendment_1.pdf" target="_blank" rel="noopener noreferrer nofollow">amendment</a> to the application on April 19. The April 23 SEC notice <a href="https://www.sec.gov/files/rules/sro/nasdaq/2024/34-100016.pdf" target="_blank" rel="noopener noreferrer nofollow">details</a> the changes found in the amendment, which mainly concern the creation and redemption of shares. It also extends the comment period on the proposal for 21 days after its publication in the Federal Register. No new deadline for an SEC decision on it was specified.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/0ac134ee-f535-4911-97ab-dd893fcea2fd.png">
 <figcaption style="text-align: center;">Source: Eleanor Terrett
 </figcaption>
</figure>
Observers <a href="https://twitter.com/EleanorTerrett/status/1782843411063505104" target="_blank" rel="noopener noreferrer nofollow">say</a> the SEC is unengaged with spot ETH ETF applications, which many interpret to be a sign of looming rejection.
Grayscale <a href="https://cointelegraph.com/news/grayscale-wins-sec-lawsuit" rel="noopener noreferrer nofollow">won a victory over the SEC</a> in August when an appeals court partially overturned the SEC's rejection of its application to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin <a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">(BTC)</a> ETF.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-etf-coinbase-honeypot-hackers-government-trezor-ceo/" rel="noopener noreferrer nofollow">Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO</a>

BlackRock, Grayscale have to wait for SEC’s spot ETH ETF decisions

Cointelegraph

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