The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Cboe Exchange’s application to list options on Fidelity Investments’ spot Ethereum ETF. This delay extends the regulatory review period, leaving Cboe waiting longer to determine whether it will receive approval.
SEC Extends Review Period
According to a regulatory filing on February 28, 2025, the SEC announced that it was extending the timeline to allow “sufficient time to consider the proposed rule change.”
Under U.S. federal law, the agency has up to 60 additional days to reach a final verdict if a decision is not made within the initial 180-day review period. As a result, Cboe’s request to list Ethereum ETF options on Fidelity’s Ethereum Fund (FETH) remains in limbo.
Cboe originally filed for regulatory approval to list Ether ETF options on August 19, 2024. The SEC published the proposed rule change in the Federal Register on September 4, 2024, inviting public commentary.
Final Decision Timeline
The SEC typically has 180 days from the initial filing to reach a decision. If no determination is made within that period, the agency can extend its review for an additional 60 days, bringing the total review period to 240 days.
- March 3, 2025 – The 180-day deadline for the SEC’s decision.
- May 2, 2025 – The final deadline (240 days) for a ruling.
While the SEC now has until May 2, 2025, to issue a final decision, it remains uncertain whether it will take the full period or make a ruling sooner.
Broader Ethereum ETF Landscape
By the time the SEC reaches a verdict on Cboe’s proposal, it will have already ruled on another Ethereum ETF options application.
- The April 2025 deadline applies to a separate proposal regarding options on BlackRock’s iShares Ethereum Trust (ETHA).
- Nasdaq ISE filed to list ETHA options in July 2024.
- The SEC set April 9, 2025, as the final decision deadline for the BlackRock Ethereum ETF options application.
Market Outlook
The delay does not necessarily signal rejection. Given the SEC’s recent shift toward a more supportive stance on crypto-related financial products, some analysts remain optimistic about the approval of Ethereum ETF options.
The SEC’s delay means that Fidelity’s Ethereum ETF options face continued uncertainty, with a final ruling now expected by May 2, 2025. With another Ethereum ETF options decision due in April, the SEC’s stance on crypto derivatives and Ethereum-based investment products could become clearer in the coming months.
