Spot ETH ETFs have 50% chance of May approval: Bitwise, Grayscale, Galaxy execs

Executives at three asset administration corporations agreed throughout a Feb. 13 panel dialogue that pending spot Ethereum ETFs have a 50% chance of approval this May.

Matt Hougan, World Head of Analysis for Bitwise Asset Administration, mentioned

I think it’s probable we will get an ETH ETF reasonably soon. I think there’s a 50/50 chance by May …

Steve Kurz, Global Head of Galaxy Asset Management, agreed that there is a 50% chance of a spot Ethereum ETF approval by May. He also predicted a 75% chance by the end of 2024.

Dave LaValle, Global Head of ETFs at Grayscale, also placed approval odds at 50% by May. On whether Grayscale would sue the U.S. Securities and Exchange Commission (SEC) in the event of a rejection, LaValle said: “We’ll have to wait and see how it plays out. We have to look at the facts.”

Grayscale beforehand compelled the SEC to evaluation its spot Bitcoin ETF utility via authorized motion. The SEC cited the case as one motive for approving spot Bitcoin ETFs in January.

The 50% odds expressed by every govt broadly align with different predictions. JP Morgan member Nikolaos Panigirtzoglou believes there’s a 50% chance {that a} spot Ethereum ETF shall be accredited in May. Bloomberg ETF analyst James Seyffart — a colleague of Eric Balchunas, who hosted as we speak’s panel dialogue — has predicted 60% approval odds. Lastly, a Polymarket prediction market means that approval odds by the top of May are 48%.

Eight corporations intend to supply an ETH ETF

Of the three corporations listed above, solely Grayscale and Galaxy (in partnership with Invesco) have a spot Ethereum ETF utility pending with regulators.

Different spot Ethereum ETF candidates embody VanEck, ARK and 21Shares, Hashdex, BlackRock (iShares), Constancy, and Franklin Templeton.

The SEC should approve or reject VanEck’s utility by May 23. Although it won’t essentially approve the fund, it can probably resolve on different comparable functions on the identical time.

No spot Ethereum ETF exists on the US market at current. Bitwise presently gives two Ethereum futures ETFs, which don’t present publicity to the spot Ethereum market. Grayscale gives an Ethereum Belief and an Ethereum Futures Belief, each of which it intends to transform to ETFs. Many different asset managers additionally supply Ethereum futures ETFs.

Ethereum Market Information

On the time of press 10:31 pm UTC on Feb. 13, 2024, Ethereum is ranked #2 by market cap and the worth is down 0.73% over the previous 24 hours. Ethereum has a market capitalization of $315.64 billion with a 24-hour buying and selling quantity of $18.89 billion. Study extra about Ethereum ›

Crypto Market Abstract

On the time of press 10:31 pm UTC on Feb. 13, 2024, the full crypto market is valued at at $1.85 trillion with a 24-hour quantity of $79.5 billion. Bitcoin dominance is presently at 52.41%. Study extra concerning the crypto market ›

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