SEC postpones decision on Invesco Galaxy Ethereum ETF until July 2024

abdelaziz Fathi

The U.S. Securities and Exchange Commission (SEC) has announced a further delay in its decision regarding the Invesco Galaxy Ethereum exchange-traded fund (ETF).


According to a regulatory filing, the SEC has extended the deadline to July 5, 2024, to approve or disapprove the proposed spot ether ETF.

The SEC stated in the filing, “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 and the issues raised therein.” This move allows the agency additional time to thoroughly review the ETF proposal and address any concerns.

This delay is part of a pattern, as the SEC had previously postponed its decision on this ETF and sought public comments in February. Similar extensions have been applied to other spot Ethereum ETF proposals from major financial entities, including Grayscale, Franklin Templeton, VanEck, and BlackRock, over recent weeks.

Optimism about the approval of a spot Ethereum ETF has been waning, with shifts in expectations from industry analysts. Bloomberg ETF analyst Eric Balchunas noted that the likelihood of the SEC approving such a product by late May has decreased from about 70% to just 25%.

Earlier this year, the U.S. top watchdog said it needs more time to review the proposed rule change that would enable NYSE Arca to list and trade shares of the Invesco Galaxy Ethereum as an exchange-traded fund (ETF).

The Grayscale Ethereum Trust currently stands as the world’s largest ether investment product, managing almost $5 billion in assets. When launching a new crypto ETF, regulatory authorization is typically sought from the exchange that lists the ETF’s shares, rather than the sponsor itself.

Similar to Grayscale’s Bitcoin fund, the Grayscale Ethereum Trust is the largest Ethereum investment vehicle globally, accounting for 2.5% of all circulating ETH.

The conversion into a spot ETF has been the long-term plan for the Grayscale Ethereum Trust since its launch in 2019. Currently, ETHE shares trade at a discount compared to the underlying ETH held by the trust.

Read this next

Industry News

T+1 settlement goes live today in Canada, Mexico, Argentina

“Shortening the time between the trade date and settlement date reduces risk in the system, and the industry has worked hard to prepare for this important change.”

Industry News

DanFX’s Daniel Farook Ali sentenced to 7 years after extradition

The Court sentenced Mr Ali to seven years and three months imprisonment, with eligibility for parole from 5 July 2024.

Market News

Global Currency Market Dynamics Influenced by US Bond Market Volatility

The recent turbulence in the US bond market has benefited the USD.


Top 5 ICOs that are Likely to Explode in the Current Bull Run 2024

Explore top upcoming ICOs: BlockDAG, GBTC, TUK, SCOTTY, and SPONGE. Learn about their potential high returns and unique features.


BlockDAG’s Revolutionary Dev Release 36: Off-Chain PoW and a $30 Projection by 2030

Explore BlockDAG’s latest off-chain PoW innovation and its $32M presale success. Projected to reach $30 by 2030.


30,000x ROI Potential: BlockDAG Secures $33.5M in Presale, Outruns Retik Finance’s Bitmart Performance

Uncover how BlockDAG’s impressive $33.5M presale and its innovative platform draw investors away from Retik Finance following the Bitmart listing.


IT Professional Switches to Lucrative Crypto Mining Entrepreneur with BlockDAG’s Advanced Mining Technology

Learn how an IT pro turned Litecoin mining into a fortune. See if BlockDAG can match this with advanced mining tech and 30,000X ROI potential.


May 2024 Crypto Spotlight: Why Whales Are Choosing BlockDAG Over Retik Finance, Will CoinW & P2B Listing Save $RETIK?

Uncover why BlockDAG is winning over smart investors in May 2024, and surpassing Retik Finance’s performance on exchanges like CoinW and P2B.


Ethereum Leads Altcoins Toward a Huge Rally: Expert Top Picks for Altseson Unveiled

A fresh surge in alternative cryptocurrencies is building momentum as Ethereum leads the charge.