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Bloomberg’s ETF analyst, James Seyffart, anticipates that additional spot Ethereum ETFs will be submitted in the upcoming days.
The race to launch the first Ethereum exchange-traded fund (ETF) in the United States has begun. This kickstarted when the Chicago Board Options Exchange (CBOE) submitted two 19b-4 applications to the Securities and Exchange Commission (SEC) on September 6.
These applications are for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF to be listed on CBOE’s BZX Exchange.
Bloomberg’s ETF analyst, James Seyffart, explained that these 19b-4 filings signal the start of the countdown for an SEC decision.
He declared, “The race for the Spot Ethereum ETF is officially underway,” and estimated that a final decision from the SEC could be expected around May 23, 2024.
A 19b-4 form is a request filed by organizations like stock exchanges, asking the U.S. Securities and Exchange Commission (SEC) for a rule change. On the other hand, an S-1 filing is just a declaration of a company’s intention to list a specific investment product on a national exchange.
Now, the SEC must review the 19b-4 filings and make a decision. However, like they did with spot Bitcoin ETFs, the SEC can also delay its decision.
ARK Invest and 21Shares jointly submitted an S-1 to the SEC on September 6, while VanEck’s S-1 filing dates back to July 2021.
Seyffart anticipates that more applications for spot Ethereum ETFs will be submitted in the near future.
On August 17, the SEC showed its interest in approving investment products related to Ethereum Futures. At the same time, various companies like Grayscale Investments and BlackRock are actively seeking approval for a Bitcoin ETF that tracks the actual Bitcoin spot price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.