BlackRock plans to convert its existing trust into a "spot" ETF, which means it will own ETH directly, rather than futures linked to ETH.

While futures-based crypto ETFs have previously been approved by the US Securities and Exchange Commission (SEC), the regulator has long claimed that the spot crypto market is prone to fraud and manipulation.

Bitcoin spot ETFs were approved approximately two weeks ago. The vote for approval was surprisingly cast by SEC chairman Gary Gensler.

Bloomberg ETF analyst James Seyffart said in a statement on the subject:

"Spot Ethereum ETF delays will continue to occur sporadically over the next few months. The next important date is May 23rd."