Citing Ni's explanation, Grayscale must pass S-3, and the rest must pass S-1.

6. Is it possible to pass only 19b-4 but not all S-1/S-3?

This is possible, but the possibility is very low, because S-1/S-3 are both corporate qualification documents, and it is difficult to completely fail. If there is content that needs to be supplemented, the SEC will require the company to supplement, but there is indeed a possibility that individual institutions will not be passed, but they can still apply after rectification.

7. Is it possible to pass only one individual 19b-4 but not all 19b-4?

This is almost impossible. As mentioned earlier, 19b-4 is an industry standard. Although each company is different, they are all similar and the basis is the same. So if it passes, then it is likely that those who meet the requirements will be passed. This is the case with the 19b-4 that is being continuously updated. So if one company passes, unless there is a fundamental problem with that company, it is likely that it will pass.

8. Is it possible that S-1/S-3 will pass with BlackRock in August?

Theoretically, it is not possible, but in reality it is possible, because once 19b-4 is passed, BlackRock's 19b-4 will also be approved, and there will be no final application by BlackRock in August. However, it does not rule out the possibility that the Federal Reserve will go crazy and have to approve 19b-4 one by one according to the final time. So although it is not possible in theory, it is still possible in reality.