The race to launch the United States’ first spot Ethereum exchange-traded fund (ETF) is officially underway following the submission of new 19b-4 filings by the Chicago Board Options Exchange (CBOE). These filings mark the beginning of the countdown for a decision by the U.S. Securities and Exchange Commission (SEC).
On September 6, the CBOE submitted two 19b-4 applications to the SEC, seeking approval for the listing of the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF on CBOE’s BZX Exchange.
Bloomberg ETF analyst James Seyffart highlighted in a series of tweets that the shift from S-1 filings to 19b-4 filings signifies that the SEC’s decision timeline is now set in motion. He anticipates a final decision deadline around May 23, 2024.
A 19b-4 form is typically submitted by self-regulatory organizations, like stock exchanges, to request a rule change to the SEC. In contrast, an S-1 filing merely indicates a firm’s intention to list a specific investment product on a national exchange.
The SEC is now obligated to review the 19b-4 filings and make a decision. However, it’s worth noting that the SEC has previously delayed decisions on spot Bitcoin ETFs.
ARK Invest and 21Shares jointly submitted an S-1 filing to the SEC on September 6, while VanEck’s S-1 filing dates back to July 2021.
In a related context, the SEC has indicated its willingness to approve Ethereum Futures investment products, while various companies, including Grayscale Investments and BlackRock, are actively pursuing approval for a spot Bitcoin ETF.
