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BlackRock needs to wait for the debut of its spot Ethereum exchange-traded fund (ETF) as the U.S. Securities and Exchange Commission (SEC) has delayed its decision on the same until March 10.

BlackRock filed for its spot Ethereum (ETH) ETF in November, called the iShares Ethereum Trust. The SEC made the delay one day before the Jan. 25 deadline, marking the initial delay within the SEC's 240-day review period.

The asset manager might have anticipated a prompt approval from the SEC for its pending spot ETH ETF application following the landmark approval of Spot Bitcoin ETFs in early January. However, the SEC has sought more time on this matter.

"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein," SEC assistant secretary, Sherry Haywood, said in a Wednesday filing.

"...Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, 5 designates March 10, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change," Haywood added.

The postponement of BlackRock's spot Ethereum ETF mirrors a similar delay in the application process by rival Fidelity Investments.

Experts predict more delays from the SEC over Ether ETFs.

"Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd," Bloomberg ETF analyst James Seyffart said in a post on X, formerly Twitter.

Following the successful launch of Bitcoin (BTC) Spot ETFs, the focus within the market and among analysts has shifted toward the potential inclusion of various digital assets in ETFs, including Ethereum.

"Analysts predict, with over a 70% likelihood, the approval of Ethereum (ETH) Spot ETFs this year," Matteo Greco, Research Analyst at the publicly listed digital asset and fintech investment business Fineqia International, told International Business Times.

Meanwhile, SEC Commissioner Hester Peirce has indicated that the approval process for an Ethereum ETF will diverge from the path witnessed in the case of Bitcoin ETFs.

In a recent interview, Peirce conveyed her perspective on the agency's approval process, saying "That's not how we're going to do our approvals," indicating a shift in the regulatory strategy.

The potential approval could give investors exposure to Ethereum, the second-biggest cryptocurrency by market cap, next to Bitcoin.

Turning over to spot Bitcoin ETFs, BlackRock's iShares Bitcoin Trust has been among the successful ETFs with over $1 billion in assets under management. It amassed an impressive inflow of $272 million in investments on its seventh day of trading.

At 3:30 a.m. Eastern Time on Thursday, Ethereum was down 0.39% at $2,222.02. The current circulating supply stands at 120,180,143 ETH, and its market capitalization touched $267,072,758,874, based on the latest data sourced from CoinMarketCap.