The US securities regulator has delayed its determination on asset supervisor Constancy’s Ether (ETH) exchange-traded fund (ETF) bid, whereas one other 5 leveraged Bitcoin (BTC) ETFs have simply been filed with the regulator for approval.
The Securities and Trade Fee stated on Jan. 18 that it was extending its deliberation interval by one other 45 days “in order that it has adequate time to think about the proposed rule change and the problems raised.”
The SEC marked March 5 as the following date for a call. Bloomberg ETF analyst James Seyffart stated in a Jan. 18 X (Twitter) submit he “fully anticipated” the delay.
— James Seyffart (@JSeyff) January 18, 2024
“Dates that basically matter are late Might for my part,” he added, referring to the SEC’s Might 23 remaining deadline for approving or denying VanEck’s Ether ETF. Some analysts predict the SEC might approve quite a few pending spot Ether ETF bids concurrently because it did for spot Bitcoin ETFs.
New deadline to obsess over simply dropped
Might twenty third is the ultimate deadline for determination on VanEck’s spot ETH ETF pic.twitter.com/dgi5EVbPeQ
— Will (@WClementeIII) January 10, 2024
In the meantime, Direxion filed for 5 Bitcoin ETFs with the SEC on Jan. 18, becoming a member of rivals ProShares — which filed for 5 leveraged Bitcoin-tracking ETFs on Jan. 16 — and REX Shares, which filed for six leveraged Bitcoin ETFs on Jan. 3.
T-Rex recordsdata 6 leveraged and inverse Bitcoin ETFs
T-Rex 1.5X Inverse Spot Bitcoin Each day Goal ETF
T-Rex 1.5X Lengthy Spot Bitcoin Each day Goal ETF
T-Rex 1.75X Inverse Spot Bitcoin Each day Goal ETF
T-Rex 1.75X Lengthy Spot Bitcoin Each day Goal ETF
T-Rex 2X Inverse Spot Bitcoin Each day… pic.twitter.com/eLFTiS1Gq9
— ETF Rumour by Henry Jim (@ETFhearsay) January 3, 2024
Direxion’s submitting reveals plans for 1x, 1.5x and 2x lengthy leveraged Bitcoin funds and considered one of every once more for brief leveraged funds.
“Leveraged Bitcoin ETFs could quickly outnumber lengthy solely,” Bloomberg ETF analyst Eric Balchunas wrote in a Jan. 18 X submit in response to the submitting. “Fairly positive that’s by no means occurred [before].”
leveraged bitcoin ETFs could quickly outnumber lengthy solely, fairly positive that is by no means occurred bf
— Eric Balchunas (@EricBalchunas) January 18, 2024
Associated: Spot Bitcoin ETFs one week on: BTC sells off, however ETFs reap success
Opinions are break up on the probability of the SEC approving spot Ether ETFs in any respect.
Balchunas informed Cointelegraph earlier this month that he’s pinning a 70% probability of approval by Might for spot Ether ETFs based mostly on the SEC’s remaining deadline for VanEck’s fund.
Nonetheless, Morgan Creek Capital co-founder and CEO Mark Yusko informed Cointelegraph the SEC remains to be hostile towards crypto regardless of approving Bitcoin ETFs.
He added the regulator may additionally class ETH as a safety, not like Bitcoin, which SEC Chair Gary Gensler beforehand stated he considers a commodity.
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