Ark 21Shares removes staking! Ethereum spot ETF struggles ahead of deadline

Ark and 21Shares’ Ethereum spot ETF submitted an update on 5/10, deleting the Ethereum pledge process. However, Bloomberg ETF analyst Eric Balchunas believes that he has not heard any comments so far. Perhaps this is just an attempt to reduce one reason for the SEC to reject them. The market is generally not optimistic about the chances of Ethereum spot ETF approval, and 10X Research even predicts that Ethereum may correct to a price of $2,500.

Remove Ethereum Staking and Give It a Fight

Bloomberg analyst Eric Balchunas believes that this may be an adjustment they make based on the SEC’s comments (which would be good news if so), But I haven't heard any comments yet, maybe this is just an attempt to reduce one of the reasons for the SEC to reject them.

ARK and 21Shares submitted applications for Ethereum spot ETFs in September 2023. The fund aims to provide direct investment in Ethereum and, if approved, will be traded on the CboeBZX exchange. According to its previous filings, the fund expects to receive ETH as collateral and intends to classify the resulting income as income generated by the fund. In addition, Fidelity also added a staking function to its application in March.

However, the issue of whether Ethereum is a security and its pledge has always been a focus of debate among all parties.

Ethereum spot ETF approaches important deadline

The SEC has been delaying a decision on the Ethereum spot ETF. Fox business reporter Eleanor Terrett once quoted sources speculating: SEC Chairman Gary Gensler believes he has appeased the entire industry by approving a Bitcoin spot ETF.

Influential anti-crypto politicians, such as Senator Elizabeth Warren, are already outraged by the SEC’s approval of a Bitcoin spot ETF and are rallying against the same thing happening to ETH.

The next approval deadline is 5/23 for the VanEck Ethereum ETF, and 5/24 for the Ark 21Shares Ethereum ETF.

The following is a compilation of information from each issuer. Please note that some announcements do not mention the exact review period, so the federal announcement date plus 45 days is used to estimate.

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