VanEck and other institutions urged the US SEC to approve Ethereum ETF pledge applications on a "first-in, first-out" basis, and were unwilling to be approved in batches with BlackRock

PANews reported on July 20 that according to DL News, BlackRock's move this week to add a pledge option to its iShares Ethereum Trust has reignited discussions about the U.S. Securities and Exchange Commission's batch approval process. VanEck, 21Shares and Canary Capital have urged the U.S. Securities and Exchange Commission to consider a first-in, first-out approval process rather than "batch approval" with BlackRock, which submitted its application later.

James Seyffart, an ETF analyst at Bloomberg, wrote on the X platform that the Ethereum ET staking options submitted by multiple institutions "will take time to complete". The final deadline for early applications is late October 2025, but the approval deadline for the Ethereum ETH staking application submitted by BlackRock is around April 2026, but it is believed that it may be approved as early as the fourth quarter of 2025.