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02/08 07:59

SEC Delays Decision on BlackRock Spot Ethereum ETF

SEC Delays Decision on BlackRock Spot Ethereum ETF Options Until April

In the latest development, the U.S. Securities and Exchange Commission has delayed its decision on BlackRock’s proposal to list and trade options on its spot Ethereum exchange-traded fund (ETF). The new deadline for the SEC’s decision is set for April 9, 2025.

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SEC to Make Decision on Ethereum Trust Options by April 2025

According to the filing, the SEC said it will decide on April 9, 2025 whether to approve or disapprove of allowing options trading on the iShares Ethereum Trust, the world’s largest asset manager. The SEC said it needs more time to review the proposed rule change and consider the issues raised before making a decision.

“The Commission believes that it is appropriate to designate a longer period of time to issue an order approving or disapproving the proposed rule change to allow sufficient time to consider the proposed rule change and the issues raised therein,” the agency said.

 SEC Warns Options Trading Due to Volatility

BlackRock’s spot Ethereum ETF was approved in May and began trading in the summer. In August, Nasdaq submitted a rule change on behalf of BlackRock to list and trade options on the iShares Ethereum Trust. Two letters regarding Nasdaq’s proposal have been submitted. One of them is from Better Markets, warning the SEC to be careful before allowing spot Bitcoin and Ethereum ETF options to trade because they are highly volatile.

IBIT options have quickly become popular, with open interest exceeding $13 billion and currently accounting for more than 55% of Deribit’s total options open interest. IBIT has quickly become one of the most active ETF options markets, even competing with more established markets such as the iShares 20+ Year Treasury Bond ETF (TLT).

Additionally, on Friday, the SEC sought public comments on a proposal from Cboe BZX Exchange Inc., on behalf of Fidelity, to list and trade options on its spot Ethereum ETF.  The deadline to submit comments is 21 days after the proposal is published in the Federal Register.

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