The U.S. Securities and Exchange Commission (SEC) has delayed its ruling on whether to approve options for BlackRock’s iShares Ethereum Trust ETF (ETHA).

BlackRock, alongside Nasdaq, proposed a rule change last August to allow options trading for its spot Ethereum ETF. The SEC now has until April 9 to make a decision regarding the approval.

The agency has justified the extended timeline, deeming it necessary to thoroughly review the proposal before making a final call. This comes after the SEC previously authorized options trading for BlackRock’s spot Bitcoin ETF in September, which quickly became a significant success. By November, options for the Bitcoin ETF, known as IBIT, saw explosive growth, with open interest (OI) surging to over $13 billion, accounting for more than half of Deribit’s options OI.

IBIT options rapidly became a dominant force in the ETF options market, rivaling long-established funds like the iShares 20+ Year Treasury Bond ETF (TLT). The success of IBIT options, particularly in terms of liquidity and adoption, has made it a popular choice for American traders.

In the wake of a slower start, BlackRock’s ETHA ETF has seen a notable rise in interest, attracting $10.6 million in inflows recently. Despite a rocky beginning, ETHA was the only spot Ethereum ETF to show positive movement yesterday. This marks a significant shift as Ethereum products gain more traction in the market.

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