On April 14, the Securities and Exchange Commission, in a move as predictable as a toddler’s tantrum, decided to delay its decision on staking for the Grayscale Ethereum Trust ETF and its mini-me counterpart. Because, you know, why make a decision today when you can procrastinate until June 1? 🗓️
Back in February, the New York Stock Exchange, playing the role of Grayscale’s hype man, filed a proposed rule change to allow staking for these products. But the SEC, ever the cautious bureaucrat, decided it needed more time to ponder the mysteries of the universe—or at least the intricacies of staking. 🧐
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” it stated. Translation: “We’re not ready. Go away.”
NEW: The @SECGov has delayed its decision on permitting staking in @Grayscale’s $ETH spot ETFs.
— Eleanor Terrett (@EleanorTerrett) April 14, 2025
Staking, for the uninitiated, would allow investors to lock up their ETH for some sweet, sweet yields. It’s like putting your money in a high-interest savings account, but with more jargon and fewer guarantees. Other asset managers, like 21Shares, are also jumping on the staking bandwagon, because who doesn’t love a good yield chase? 🏃♂️
This delay comes just a week after the SEC approved options trading for multiple spot Ethereum ETFs from big names like BlackRock, Bitwise, and Grayscale. Options trading, for those who skipped Finance 101, lets investors buy and sell contracts without fixed expiry dates or prices. It’s like gambling, but with more spreadsheets. 📊
Meanwhile, Ethereum prices remain as exciting as a wet sock, hovering around $1,625. The nine spot Ethereum ETFs have seen five consecutive days of outflows, with $88.5 million fleeing the scene since April 7. Grayscale, the party pooper, continues to drag the total assets under management down with its massive outflows. 🎉
In other ETF news, Canada is gearing up to launch spot Solana ETFs this week. Because why not? The US Solana futures ETFs have been about as exciting as watching paint dry, with very little in assets under management. But hey, Canada’s giving it a shot, and who doesn’t love a good underdog story? 🐕
Canada is readying spot Solana ETFs to launch this week after regulator gave green light to multiple issuers incl Purpose, Evolve, CI and 3iQ. ETFs will include staking via TD
— Eric Balchunas (@EricBalchunas) April 14, 2025
Meanwhile, Kraken, the US crypto exchange, is expanding into stocks and ETF trading. Because when you’re already knee-deep in crypto, why not dive into equities too? The firm stated, “Expanding into equities is a natural step for us and paves the way for the tokenization of assets.” Translation: “We’re not done disrupting things yet.” 🚀
And in a final twist, Paul Atkins took the helm of the securities regulator on April 10 after his nomination was cleared in a 52-44 Senate vote. Because what’s a week in the world of finance without a little regulatory drama? 🎭
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2025-04-15 09:49