Home CryptocurrencyAltcoin Fidelity Ether ETF Delayed as More Leveraged Bitcoin ETF Offerings Arrive

Fidelity Ether ETF Delayed as More Leveraged Bitcoin ETF Offerings Arrive

by SuperiorInvest

The US securities regulator has delayed its decision on asset manager Fidelity’s Ether (ETH) exchange-traded fund (ETF) offering, while five other Bitcoin (BTC) leveraged ETFs have just filed with the regulator to your approval.

The Securities and Exchange Commission said on Jan. 18 that it would extend its deliberation period another 45 days “to allow it sufficient time to consider the proposed rule change and the issues raised.”

The SEC has set March 5 as the next date to make a decision. Bloomberg ETF analyst James Seyffart said in a Jan. 18 X (Twitter) post that he “fully expected” the delay.

“In my opinion, the dates that really matter are the end of May,” he added, referring to the SEC’s final May 23 deadline to approve or deny VanEck’s Ether ETF. Some analysts predict that the SEC could approve several pending Ether spot ETF offerings simultaneously as it did with Bitcoin spot ETFs.

Meanwhile, Direxion filed for five Bitcoin ETFs with the SEC on Jan. 18, joining rivals ProShares, which filed for five tracked Bitcoin leveraged ETFs on Jan. 16, and REX Shares, which filed for six leveraged Bitcoin ETFs on Jan. 3. from January.

Direxion’s filing shows plans for 1x, 1.5x and 2x long leveraged Bitcoin funds and one of each again for short leveraged funds.

“Leveraged Bitcoin ETFs could soon outnumber long-term ones alone,” Bloomberg ETF analyst Eric Balchunas wrote in a Jan. 18 X post in response to the filing. “I’m pretty sure that’s never happened. [before].”

Related: Spot Bitcoin ETFs a week later: BTC sells off, but ETFs reap success

Opinions are divided on the likelihood of the SEC approving Ether spot ETFs.

Balchunas told Cointelegraph earlier this month that he expects a 70% chance of approval by May for spot Ether ETFs, based on the SEC’s final deadline for VanEck’s fund.

However, Morgan Creek Capital co-founder and CEO Mark Yusko told Cointelegraph that the SEC remains hostile toward cryptocurrencies despite approving Bitcoin ETFs.

He added that the regulator may also classify ETH as a security, unlike Bitcoin, which SEC Chairman Gary Gensler previously said he considers a commodity.

Asia Express: Hong Kong and Thailand Bitcoin ETF FOMO Approve $14 Billion Airdrop

Source Link

Related Posts