The race for the first spot in the Ethereum exchange-traded fund in the United States has officially begun after the new 19b-4 filings with the Chicago Board Options Exchange (CBOE), which “finally starts the clock” for in the decision of the SEC.
On September 6, CBOE filed two 19b-4 applications with the securities regulator in the United States, requesting that the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF investment products be listed on CBOE’s BZX Exchange.
In a series of tweets, Bloomberg ETF analyst James Seyffart noted that contrary to the previously submitted S-1 filings, the 19b-4 filings mean that the calculation for an SEC decision is now pending.
“The Spot #Ethereum ETF Race is official,” Seyffart declared, estimating the final deadline to be May 23, 2024.
The Place #Ethereum The ETF Race is now official. It’s still early but I estimate a final deadline for these applications to be around ~ May 23, 2024.
Amazingly, we haven’t seen a VanEck spot Ethereum ETF S-1 from VanEck before because they filed for this thing until 2021!! pic.twitter.com/jLve8PpPrE
— James Seyffart (@JSeyff) September 6, 2023
A 19b-4 form is filed by self-regulated organizations – such as a stock exchange – to request a rule change with the US Securities and Exchange Commission, while an S-1 filing only indicates a company’s intention to list a particular investment product in. a national exchange.
The securities regulator is now obligated to review 19b-4 filings and make a decision, although the SEC can also delay the decision as for spot Bitcoin ETFs.
ARK Invest and 21Shares teamed up to file an S-1 with the SEC on Sept. 6, although VanEck’s S-1 filing began in 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 EXPECTATION more spot Ethereum ETF filings coming in the coming days.
How long before we see a 19b-4 from @Grayscale to convert $ETH in 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 August 17, the securities regulator reportedly announced its intention to approve Ethereum Futures investment products while several companies including Grayscale Investments and BlackRock are now fighting to get a spot approved for Bitcoin ETFs. .
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