SEC Extends Decision Timeline for Hashdex Nasdaq Ethereum ETF and ARK 21Shares Ethereum ETF Approval Until May 2024
The United States Securities and Exchange Commission (SEC) has announced an extension of the decision timeline for the approval of both the Hashdex Nasdaq Ethereum ETF and ARK 21Shares Ethereum ETF. The decision comes as a result of the SEC’s need for additional time to meticulously evaluate the proposed rule changes and the associated concerns (SEC, 2024).
Background: The Hashdex Nasdaq Ethereum ETF Application
The application for the Hashdex Nasdaq Ethereum ETF was first submitted by the Nasdaq stock exchange back in September 2023. Toroso Investments, a registered commodity pool operator with the Commodity Futures Trading Commission and a member of the National Futures Association, manages this fund. The delay marks yet another instance where the SEC has postponed making a decision on this ETF after requesting public comments in December 2023.
Additional Delay for the ARK 21Shares Ethereum ETF
The SEC also announced a similar extension for the approval process of the ARK 21Shares Ethereum ETF on Tuesday, March 20th, 2024. The decision date for this ETF, which aims to track the performance of ethereum directly, has been rescheduled to May 24, 2024. Similar to the Hashdex Nasdaq Ethereum ETF, the SEC is welcoming public comments on this application as well, signaling its deliberate approach towards the approval of cryptocurrency-based financial products.
Optimism for Spot Ethereum ETFs: Declining Expectations
The delay in the SEC’s decisions comes amidst a decline in optimism regarding the approval of spot Ethereum ETFs. Bloomberg ETF analyst Eric Balchunas has adjusted his likelihood estimate for the approval of a spot Ethereum ETF by May from 70% to 30%. His colleague, James Seyffart, has mentioned that such delays were expected, indicating a cautious outlook for the approval of Ethereum ETFs in the current round of considerations.
Past SEC Actions: Approval of Ether Futures-Like ETFs and Bitcoin ETFs
It’s essential to note that while the SEC has previously approved ether futures-like ETFs, it has yet to approve a spot Ethereum ETF or a mixed one. This contrasts with its actions regarding Bitcoin ETFs last fall.
Reference(s):
– SEC (Securities and Exchange Commission). (2024, March 19). 34-99772 – Rule Filing. Retrieved March 20, 2024, from
– Nasdaq. (n.d.). Toroso Investments LLC. Retrieved March 20, 2024, from
– National Futures Association. (n.d.). Toroso Investments LLC. Retrieved March 20, 2024, from
– Bloomberg. (2024, March 18). Ethereum ETFs: The SEC’s Long Wait Game – Eric Balchunas. Retrieved March 20, 2024, from
– James Seyffart (@JSeyff). (2024, March 19). Should add. These were always going to be delay orders. The only deadline that matters is May 23rd. [)
