The SEC announced that it will start the process of deciding on approving or rejecting a proposed rule change that would permit the Cboe BZX Exchange to list and trade shares of the Invesco Galaxy Ethereum ETF. By opening the ETF for public comments, the decision deadline will be extended to 35 days after it is published in the Federal Register.
In December 2023, the SEC had previously delayed a decision on Invesco Galaxy’s application. During that period, additional time was required to review the proposed rule change, enabling the Chicago Board Options Exchange (CBOE) to list and trade shares of the company’s mutual fund known as the Invesco Galaxy Ethereum ETF.
Other applicants seeking to launch Ethereum ETFs also experienced deadline extensions. This affected applications such as the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. Despite the delays in the review process, experts anticipate that these products will likely receive approval in the coming days.
In the United States, as the approval of spot Ethereum ETFs is anticipated, CoinGecko experts have examined the global market for comparable products. Their research revealed that Europe and Canada dominate almost 98% of the $5.7 billion Ethereum ETF market.