Bitwise has submitted a filing for a spot Ethereum ETF with the Securities and Exchange Commission (SEC) amid growing uncertainty surrounding the approval timeline for such financial products.

Earlier this month, Bitwise’s CIO, Matt Hougan, suggested that the approval for spot ether ETFs would be better deferred beyond May.

Despite ongoing speculation, Bitwise has proceeded with its S-1 filing for the Bitwise Ethereum ETF, submitted to the SEC on Thursday. This decision aligns with comments from Hougan, emphasizing a possible approval delay, especially considering the SEC’s upcoming assessment of pending applications for spot ether ETFs.

While optimism initially surrounded the prospect of a spot ether ETF approval, drawing parallels with the successful launch of spot bitcoin ETFs in January, recent estimations by Bloomberg ETF analysts suggest a lower likelihood of approval in May, estimated at approximately 30%.

The emergence of spot bitcoin ETFs has seen substantial trading volume, exceeding $150 billion, and has generally been regarded as successful. However, uncertainties persist regarding the SEC’s stance on spot Ethereum ETFs, adding to the complexity of the approval process.

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