The past week has observed a slew of ETF applications being evaluated by the Securities and Exchange Commission (SEC). While Ethereum Futures ETFs are
finding approval from the regulatory body, the case for spot Bitcoin ETFs continues to be the opposite. Joining the list of exchange-traded funds that may not see the light of the day soon is Fidelity.The spot Bitcoin ETF race is turning out to be less of a race and more of a sad marathon of continuous disappointing results. The SEC was set to provide its decisions on the spot Bitcoin ETF filings that multiple asset managers applied for in the past couple of months.
The newest members joining the list of companies that have been denied approval by the regulatory body are Fidelity and WisdomTree. Among some of the biggest asset management companies in the world, Fidelity is already a big name in the BTC Futures ETF. The company filed for a spot in Bitcoin ETF following BlackRock in Q2 this year.
However, akin to the rest of the applications, Fidelity’s application approval has also likely been delayed. According to Bloomberg ETF analyst James Seyffart, both Fidelity and WisdomTree would have to wait for a while before they can be evaluated by the SEC again. Interestingly, no delay order for VanEck’s spot Bitcoin ETF has been issued yet, which is a positive sign. Though considering the outcome of the rest of the application, it would not be surprising if the SEC decided to delay the approval before the October 17 deadline.While VanEck’s BTC struggles will have to wait a while before coming to light, its Ethereum saga is going much better.
The firm tweeted that for the next ten years, VanEck would be contributing 10% of its profits from Ethereum Futures ETF to the Protocol Guild. The Guild is the funding mechanism for an organization that is primarily made up of Etheruem core developers. These 150 contributions are key to maintaining the core protocol.
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