Ethereum ETF approval confirmed in May! Bloomberg analysts predict a 60% chance

By Crypto Gloom On Jan 27, 2024

Expert industry analysts see May as a potential spot market for the Ether ETF exchange-traded fund. Bloomberg Intelligence analyst James Seyffart estimates the odds of approval for a spot Ether ETF in May are around 60%.

The U.S. Securities and Exchange Commission (SEC) recently postponed a decision on several proposed Ether ETFs. This has led experts to turn their attention to May as the next important milestone for approval of a spot ether ETF.

James Seyffart said there is about a 60% chance that a spot Ethereum ETF will be approved in May, but the SEC has many ways to delay it. If the SEC is willing to approve it, it will likely do so on May 23rd. If approval fails in May, Seyffart said the resolution would be delayed until 2025.

In his description of the spot ether ETF, Seyffart named May 23 as a critical date, marking a 240-day window in which the SEC could decide on Ark/21Shares and VanEck’s offering.

Several prominent companies such as BlackRock, Grayscale, Ark 21Shares, and VanEck are seeking approval to launch spot ether ETFs.

Grayscale approach

Digital asset investment firm Grayscale is pursuing an ETH ETF strategy similar to the Bitcoin ETF. Chief Legal Officer Craig Salm said Grayscale is targeting a decision from the SEC in the summer of 2024.

Industry experts emphasize the importance of caution when predicting spot ether ETF approval. Financial lawyer Scott Johnson published a series of threads highlighting the spot ETF journey, the regulatory environment, and the SEC’s approach to digital asset offerings. Factors such as the existence of Ether, future ETFs, and ongoing dialogue between the issuer and the SEC will influence the final decision.

conclusion:

Industry analysts remain optimistic about the outlook as attention shifts to May, which is likely to be a strong milestone for approval of a spot Ether ETF. Seyffart’s estimates suggest favorable odds, but the final decision rests with the SEC. Of course, the SEC will carefully evaluate a variety of factors before making a ruling. May holds significant implications for the future of spot ether ETFs, with stakeholders eagerly awaiting further developments and news from regulators.