Justin Sun tempers expectations: no Ethereum ETF this month

Justin Sun, the CEO of Troncoin (TRX), via the social media platform announced that he does not expect an Exchange Traded Fund (ETF) for Ethereum (ETH) to be launched in May.

Several asset managers have applied to the US Securities and Exchange Commission (SEC) for such a fund, and a deadline is scheduled for May for the authorities’ decision.

Although 11 Bitcoin ETFs were approved in January, it seems that the largest altcoin will have to wait a while for its own fund, at least if Justin Sun is to be believed. He emphasizes that there is still a great need for understanding and education among regulators to understand the popular currency and approve an ETF.

My honest opinion (NFA) is that an Ethereum ETF won’t be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we’ve always been here, haven’t we?

— HE Justin Sun Sun Yuchen (@justinsuntron) April 28, 2024

It would not be the first time that an Ethereum fund has been delayed. Previously, applications such as the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF were already postponed. The SEC’s next decision moments on the applications of VanEck and Ark Invest are scheduled for May 23 and 24.

Investors are hoping for ETH ETF

Investors have long been anticipating the launch of an Ethereum (ETH) ETF, fueled by the success of Bitcoin funds. Since January this year, the Bitcoin price has surged, thanks in part to these funds that have raised billions of dollars.

On January 1, the Bitcoin price was around $42,200, and four months later it had risen to $60,400, an increase of over 40%. Investors hope for a similar price development for Ethereum if it gets its own ETFs on the American stock exchange.

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