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The race for the United States’ first spot Ethereum (
$1,574.24 ) exchange-traded fund has officially begun after new 19b-4 filings by the Chicago Board Options Exchange (CBOE), which will “ultimately start the clock” for an SEC decision.
On Sept. 6, the CBOE filed two 19b-4 applications to the United States securities regulator, requesting for the ARK 21Shares Ethereum ( $1,574.24 ) ETF and VanEck Ethereum ( $1,574.24 ) ETF investment products to be listed on CBOE’s BZX Exchange.
In a series of tweets, Bloomberg ETF analyst James Seyffart noted that as opposed to the previously submitted S-1 filings, the 19b-4 filings mean that the countdown for a decision by the SEC is now in motion.
“The Spot # Ethereum ( $1,574.24 ) ETF Race is officially on,” Seyffart declared, estimating a final deadline around May 23, 2024.
The Spot $1,574.24 ) ?src=hash&ref_src=twsrc%5Etfw"># Ethereum (
Notably, we didn’t see a VanEck spot Ethereum (
— James Seyffart (@JSeyff) September 6, 2023
A 19b-4 form is filed by self-regulatory organizations — such as a stock exchange — to request a rule change to the U.S. Securities and Exchange Commission, while an S-1 filing only indicates a firm’s intention to list a particular investment product on a national exchange.
The securities regulator is now obligated to review the 19b-4 filings and make a decision, though the SEC can also delay the decision as it has for spot Bitcoin (
$60,997.00 ) ETFs.
ARK Invest and 21Shares teamed up to file an S-1 to the SEC on Sept. 6, though VanEck’s S-1 filing dates back to July 2021.
Late to the party? We filed our S-1 for a Spot Ether ETF back on 5/7/2021. https://t.co/hYE6TG90Q3
— VanEck (@vaneck_us) September 6, 2023
Meanwhile, Seyffart expects more spot Ethereum ( $1,574.24 ) ETF filings to come in the coming days.
How long before we see a 19b-4 from @Grayscale to convert $ETHE into an ETF? https://t.co/078sm9FNlF pic.twitter.com/pzSEcMrtZB
— James Seyffart (@JSeyff) September 6, 2023
Related: Ether ETFs pending — Grayscale, VanEck and others file SEC applications
On Aug. 17, the securities regulator reportedly signaling its intention to approve Ethereum ( $1,574.24 ) Futures investment products while several firms including Grayscale Investments and BlackRock are currently fighting to get a spot Bitcoin ( $60,997.00 ) ETF approved.
Magazine: How to protect your crypto in a volatile market — Bitcoin ( $60,997.00 ) OGs and experts weigh in
