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VanEck CEO Anticipates Rejection of Ethereum ETF Applications in May

Key Takeaways

  • VanEck CEO Jan van Eck predicts that the SEC is unlikely to approve spot Ethereum ETF applications in May;
  • Industry leaders express pessimism due to the lack of feedback from the SEC on the pending applications;
  • Despite uncertainties surrounding Ethereum ETFs, the market for Bitcoin ETFs demonstrates growth and investor interest.
VanEck CEO Anticipates Rejection of Ethereum ETF Applications in May

Jan van Eck, CEO of the investment firm VanEck, doubts that his firm's spot Ethereum (ETH) exchange-traded fund (ETF) will be approved in the upcoming month.

The US Securities and Exchange Commission (SEC) is set to deliver a decision on May 23.

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This skepticism is based on the fact that the SEC has been inactive on the seven pending applications for spot Ether ETFs, which is the opposite of what happened with spot Bitcoin (BTC) ETFs before they were approved.

In an interview with CNBC, van Eck stated:

<VanEck and ARK Invest> are the first in line for May to probably be rejected. The way the legal process goes is that regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs, but right now pins are dropping as far as Ethereum is concerned.

Bloomberg Intelligence ETF analyst James Seyffart has also recently questioned the May approval, citing that the SEC hasn't engaged with issuers. Similarly, his colleague Eric Balchunas has revised his odds of approval by May from 70% to 35%.

As the deadline approaches, the SEC's lack of conversation hints at a cautious stance, dampening the hopes of issuers.

Despite the uncertainty surrounding Ethereum ETFs, the market for Bitcoin ETFs has seen positive momentum. VanEck's spot Bitcoin ETF, trading under the ticker HODL, has attracted an inflow of $461.7 million since its inception in mid-January, according to Farside data.

The situation of spot Bitcoin ETFs seems promising worldwide, with the recent news of Hong Kong being set to announce the first batch of approved spot Bitcoin ETFs by April 15.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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