🚨 Crypto ETF Drama: SEC Delays Ruling on Fidelity Ether Options 🚨
Oh, the agony, the ecstasy! The US Securities and Exchange Commission has decided to prolong the agony, delaying its ruling on whether to permit Cboe BZX Exchange to list options tied to Fidelity’s Ether (ETH) exchange-traded fund (ETFs). 🤔
The agency has given itself until May 14 to approve or disapprove of Cboe BZX’s request to list options tied to Fidelity Ethereum Fund (FETH), according to a March 12 SEC filing. 📝
Cboe BZX initially requested to list options on Fidelity’s Ether ETFs in January, the filing said. January? Ha! Who remembers January? 😂
Listing options on Ether funds is an important step in attracting institutional capital to the cryptocurrency. But, alas, the SEC is taking its sweet time. 🕰️
Flurry of filings
In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records. Because, of course, they did. 🤷♂️
The SEC’s acknowledgments highlight how the agency has softened its stance on crypto since US President Donald Trump started his second term on Jan. 20. Oh, the irony! 😂
On March 11, Cboe BZX asked regulators for permission to incorporate staking into Fidelity’s Ether ETF. Staking is not yet permitted by any publicly traded US Ether fund. Because, you know, staking is hard. 🤯
Staking Ether enhances returns and involves posting ETH as collateral with a validator in exchange for rewards. But, let’s be real, who needs rewards when you can have drama? 🤣
Fidelity’s FETH is among the more popular Ether ETFs, with around $780 million in net assets as of March 12, according to data from VettaFi. Because, of course, it is. 💸
In February, the SEC delayed deciding on similar rule changes proposed by Nasdaq ISE and Cboe’s affiliate, Cboe Exchange — both US-based securities exchanges. Because, why rush? 😴
The agency intends to decide by April if Nasdaq can list options tied to BlackRock’s iShares Ethereum Trust (ETHA). Because, you know, April showers bring May flowers… and ETF drama. 🌷
BlackRock’s fund is the largest ETH ETF, with more than $3.7 billion in net assets, VettaFi’s data shows. Because, of course, it is. 💸
It will rule on Cboe Exchange’s bid to list options on Fidelity’s Ether fund in May. Because, why not? 🤷♂️
Spot Ether ETFs were listed in July 2024 and have proceeded to attract nearly $7 billion in net assets, according to VettaFi’s data. Because, of course, they did. 🤯
Options are contracts granting the right to buy or sell — “call” or “put,” in trader parlance — an underlying asset at a certain price. Because, you know, options are like relationships… complicated. 💔
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2025-03-12 22:38