The scramble for the first spot ethereum exchange-traded fund in the U.S. has officially begun after the Chicago Board Options Exchange (CBOE) filed a new 19b-4 filing, which will “finally initiate” the SEC’s decision.
On September 6, CBOE submitted two 19b-4 applications to US securities regulators, requiring Ark 21 shares Ethereum ETF and Van Eck The Ethereum ETF investment product will be listed on CBOE’s BZX exchange.
Bloomberg ETF analyst James Seyffart noted in a series of tweets that, unlike the previously filed S-1, the 19b-4 means the countdown to the SEC’s decision has now begun.
Seyffart declared: “The #Ethereum ETF spot race has officially begun” and expects the final deadline to be around May 23, 2024.
Location #Ethereum The ETF race is officially on. It’s too early to tell, but I estimate that the final deadline for these applications will be around May 23, 2024.
It’s worth noting that we haven’t seen VanEck’s VanEck Spot Ethereum ETF S-1 before, as they filed for the thing back in 2021! pic.twitter.com/jLve8PpPrE
— James Seyff (@JSeyff) September 6, 2023
Form 19b-4 is filed by self-regulatory organizations such as stock exchanges to request a rule change from the SEC, while Form S-1 simply states that the company intends to exchange in the country.
Securities regulators are now obliged to review 19b-4 filings and make a decision, although the SEC can also delay a decision as it did with spot bitcoin ETFs.
ARK Invest and 21Shares jointly filed an S-1 with the SEC on Sept. 6, although VanEck’s S-1 filing dates back to July 2021.
Late to the party? We filed the S-1 for the Spot Ether ETF on May 7, 2021. https://t.co/hYE6TG90Q3
— VanEck (@vaneck_us) September 6, 2023
Meanwhile, Seifat expect More spot Ethereum ETF filings will follow in the coming days.
How long before we see 19b-4 @grayscale convert $ETH Into ETFs? pic.twitter.com/pzSEcMrtZB
— James Seyff (@JSeyff) September 6, 2023
related: Ethereum ETF Pending Approval – Grayscale, VanEck & More File SEC Applications
On Aug. 17, the securities regulator reportedly expressed interest in approving an ethereum futures investment product, while several firms, including Grayscale Investments and BlackRock, are currently working towards approval for a spot bitcoin ETF.
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