The application for a spot Ether exchange-trade fund (ETF) by Fidelity, a leading asset management firm with around $11 trillion in assets under management, has been delayed by the United States Securities and Exchange Commission (SEC).
The delay came on the same day when the applications for another five leveraged Bitcoin ETFs were filed for SEC approval.
SEC Wants Time for Spot Ether ETF Approval
According to a January 18 statement issued by the SEC, the ETF application was delayed by another 45 days “so that it has sufficient time to consider the proposed rule change and the issues raised.”
March 5 Decided as Next Date
The regulatory body confirmed that it has decided March 5 as the next date to make its decision. It is important to note that Bloomberg analyst James Seyffart said in a post on social media platform X that he “completely expected” the delay.
The analyst also said that he will not be making predictions about the prices of digital assets in the short term.
“You will not see me talking about short term price or much about prices in general. I apologize in advance but I am literally not allowed to give price predictions,” Seyffart said.
VanEck’s Spot Ether ETF Application
While talking about the spot Ether ETF application submitted by another asset management firm, VanEck, Seyffart said, “Dates that really matter are late May in my view.” Interestingly, the SEC has until May 23 to approve the firm’s application.
Meanwhile, Bitwise, Fidelity, and BlackRock have taken the lead when it comes to the inflow of money in their spot Bitcoin ETFs.
As mentioned above, Direxion filed for five Bitcoin ETFs with the SEC on January 18, joining rivals like ProShares that have submitted similar applications.