April

Grayscale Bitcoin Trust

BlackRock

<h2 id="key-points">Key Points</h2> 
<li>The SEC is postponing its decisions on the BlackRock and Grayscale applications for spot Ether (ETH) ETFs.</li> 
<li>Grayscale’s ETH Trust conversion to a spot ETH exchange-traded product on NYSE Arca has been extended by 60 days to June 23.</li> 
The US Securities and Exchange Commission (SEC) has announced it will postpone its decisions on the applications for spot Ether (ETH) exchange-traded funds (ETFs) submitted by BlackRock and Grayscale. 
Notices of the delay in the Grayscale decision and the amendment of the BlackRock application were released by the SEC just a few hours after the agency delayed its decision on Franklin Templeton’s proposed spot ETH ETF. 
<h2 id="grayscale-and-blackrock-applications-delayed">Grayscale and BlackRock Applications Delayed</h2> 
The SEC’s decision on the conversion of digital asset manager Grayscale’s ETH Trust to a spot ETH exchange-traded product on NYSE Arca was originally due on April 24. 
However, this has now been extended by 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 stated in its notice on April 23. 
It had previously published the notice of Grayscale’s amendment filing on April 2. 
While the amendment strengthened Grayscale’s arguments, it did not materially alter its proposal. 
The SEC is now anticipated to make a decision on the Franklin Templeton application by June 11. 
On April 23, Grayscale also submitted an S-3 form, similar to the S-1 but shorter, for a Grayscale ETH Trust and an S-1 for a Grayscale ETH Mini Trust. 
BlackRock, on the other hand, submitted an S-1 application for a spot ETH ETF in November. 
The decision on the BlackRock application was postponed in March and later that month, the SEC delayed decisions on Hashdex and ARK 21 spot ETH ETF applications by two months to late May. 
BlackRock filed an amendment to the application on April 19. 
The SEC notice dated April 23 details the changes found in the amendment, which primarily 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, but no new deadline for an SEC decision on it was specified. 
Observers have noted that the SEC appears unengaged with spot ETH ETF applications, which many interpret as a sign of impending rejection. 
In August, Grayscale achieved a victory over the SEC 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 <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin (BTC)</a> ETF.

Awaiting SEC Verdict: BlackRock and Grayscale’s Ethereum ETF Ambitions Hang in Balance

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