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SEC postpones Invesco and Galaxy Digital’s Ether ETF application.

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The U.S. Securities and Exchange Commission (SEC) has delayed its decision on a spot ether (ETH) exchange-traded fund (ETF) proposed by Invesco and Galaxy Digital, expected approval date is set on May 23. The proposed ETF would give professional investors direct exposure to spot ether, offering an alternative to ether futures listed on CME. The delay is seen as in line with expectations, with Bloomberg Intelligence analyst James Seyffart noting that more delays are likely in the coming months. Despite the delay, financial giants are projecting a potential 70% surge in ether prices leading up to the expected approval date in May.

In January, the SEC also postponed a decision on Grayscale Investments’ application to convert its Ethereum trust product (ETHE) into an ETF, and an application by BlackRock for an ether ETF was also delayed. As a result, major financial institutions are anticipating a significant rise in ether prices as ETF applications are predicted to be approved in May. Standard Chartered Bank suggested that ETH prices will likely outperform bitcoin (BTC) leading up to the expected approval date on May 23. In the past 24 hours, ETH saw a significant 2.2% increase, making it the top gainer among major cryptocurrencies.

The delay in the SEC’s decision on the proposed spot ether ETF has heightened anticipation and speculation surrounding the potential approval in May. With major financial institutions projecting a surge in ether prices leading up to the approval date, all eyes remain on the SEC’s final decision on this high-profile ETF proposal. Despite the delay, the recent rise in ETH prices suggests growing investor confidence and interest in the cryptocurrency, with the potential ETF approval expected to further drive its growth and performance in the market.

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