BlackRock and Grayscale are making changes to their applications for Ethereum ETFs because the SEC delayed its decision on them. BlackRock wants its iShares Ethereum Trust to have cash-based creation and redemption instead of in-kind. This means authorized participants will use cash, not Ethereum, to create or redeem shares. Grayscale is also making moves, filing to turn its Grayscale Ethereum Trust into an ETF and proposing a mini Ethereum ETF with lower fees.

These changes come after the SEC said it would take more time to decide on Ethereum ETF proposals. Initially, people thought Ethereum ETFs would be approved quickly after Bitcoin ETFs got the green light. However, JP Morgan analysts think there's only a 50% chance of Ethereum ETF approval by May, and Bloomberg Intelligence predicts even lower odds.

Despite the uncertainty, companies like BlackRock and Grayscale are still pushing for Ethereum ETFs. This shows they're not giving up hope, even if the road to approval is bumpy. So, while the future of Ethereum ETFs remains uncertain, the battle for their approval continues.