VanEck CEO Jan van Eck has expressed skepticism about the approval of spot Ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) in May. In an interview with CNBC on April 9, van Eck stated that his firm’s spot Ethereum ETF application will likely be rejected. Both VanEck and ARK Invest, led by Cathie Wood, were among the first to file for a spot Ether ETF in the U.S. However, van Eck highlighted the lack of feedback from regulators on the Ethereum application, which contributes to the decreasing likelihood of approval. CoinShares CEO Jean-Marie Mognetti shares this pessimistic view and does not foresee any approvals in the near future. The SEC has been inactive on the seven pending applications for spot Ether ETFs, leading analysts like Eric Balchunas to revise their odds of approval for May. Van Eck’s Ether ETF application is one of seven awaiting approval, alongside applications from Grayscale, BlackRock, and Fidelity. In contrast, spot Bitcoin ETFs in the U.S. have experienced net outflows since the start of the week, with Grayscale’s GBTC spot ETF leading the shift with significant net outflows. Other Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust and Bitwise Bitcoin ETF, have seen net inflows during this period. VanEck’s spot Bitcoin ETF, traded as HODL, is currently the fifth largest among the recently launched funds. Van Eck emphasized the success of Bitcoin ETFs and the potential for more investors to gain exposure to the cryptocurrency.
