Spot Ethereum ETF Approval in May! Bloomberg Analyst Predicts 60% Chance

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Expert industry analysts are eyeing May as a probable month for a potential spot Ether ETF exchange-traded fund. Bloomberg Intelligence analyst James Seyffart estimates a roughly 60% chance of approval for spot Ether ETFs in May.

The Securities and Exchange Commission-SEC recently delayed decisions on several proposed ether ETFs. It caused the experts to turn their attention to May as the next significant milestone for potential spot ether ETF approvals. 

James Seyffart said the chance of spot Ethereum ETFs being approved in May is about 60%, but the SEC has many ways to delay it. If the SEC is willing to approve, they will likely do so on May 23. If approval in May is unsuccessful, Seyffart said the resolution will be delayed until 2025.

Seyffart has identified May 23 as a critical date in the spot ether ETF narrative, marking the 240-day window for the SEC to decide on proposals from Ark/21Shares and VanEck.

Several prominent firms like BlackRock, Grayscale, Ark 21Shares, and VanEck are seeking approval to launch spot ether ETFs.

Grayscale’s approach

Grayscale, a digital asset investment firm, is pursuing a similar strategy for its ETH ETF as it did for its Bitcoin ETF. Chief Legal Officer Craig Salm has indicated that Grayscale is targeting a decision from the SEC in the summer 2024.

Industry experts emphasize the importance of caution in predicting spot ether ETF approval. Scott Johnson, a finance lawyer, released a series of threads highlighting the spot ETF journey, regulatory landscape, and the SEC’s approach to digital asset offerings. Factors such as the existence of Ether, future ETFs, and ongoing dialogues between issuers and the SEC will influence the final decision.

Conclusion:

Industry analysts remain optimistic about the prospects as the spotlight shifts to May as a probable milestone for spot Ether ETF approvals. While Seyffart’s estimation suggests a favorable probability, the final decision rests with the SEC. Surely, the SEC  will carefully evaluate various factors before reaching a verdict. May holds significant implications for the future of spot ether ETFs, and stakeholders are eagerly waiting for further developments and news from the regulatory bodies.