Spot Ethereum ETF

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19b-4 Form

Earlier in the day, BlackRock registered corporate entity “iShares Ethereum Trust” in Delaware, the first hint that a filing for a spot Ethereum ETF filing was imminent.

Blackrock’s plans for a spot Ethereum exchange-traded fund (ETF) has now been confirmed, per a 19b-4 form filing submitted to the United States Securities and Exhange Commission on Nov. 9.

Nasdaq filed the 19b-4 form to securities regulator on behalf of the $9 trillion asset management firm for a proposed ETF called the "iShares Ethereum Trust."

The move signals BlackRock’s intention to expand beyond Bitcoin with its ETF aspirations.

*NASDAQ's 19b-4 filing to the SEC for BlackRock's iShares Ethereum Trust. Source: NASDAQ*

Earlier on Nov. 9, it emerged that BlackRock registered corporate entity iShares Ethereum Trust in Delaware, the first hint that a spot Ethereum ETF filing could be imminent.

UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023

BlackRock and other financial firms have expressed interest in cryptocurrency-backed ETFs over the last few months.

Bloomberg ETF analyst James Seyffart noted that there are at least five firms in the running to win the Securities and Exchange Commission’s approval for a spot Ethereum ETF.

Among them are VanEck, ARK 21Shares, Invesco, Grayscale and Hashdex.

There are 5 other live spot Eth filings that i'm aware of:@vaneck_us @ARKInvest/ @21Shares @hashdex @InvescoUS/ @galaxyhq
andddd @Grayscale's filing to convert $ETHE.

In no particular order.
— James Seyffart (@JSeyff) November 9, 2023

Ether (ETH) spiked 8.9% to $2080 on the news that BlackRock is moving forward its plans for an iShares Ethereum Trust and is up 10.1% over the last 24 hours, according to CoinGecko.

*ETH’s change in price over the last 24 hours. Source: CoinGecko*

The price surge has helped ETH claw back some market dominance against Bitcoin (BTC), which has outperformed ETH in recent months.

ETH’s market dominance now sits at 17%, up 1.3% percentage points prior to the news.

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VanEck, ARK filings ‘officially’ start clock for spot Ethereum ETFs: Analyst

September 7, 2023 Coin Telegraph

19b-4 Form

Bloomberg ETF analyst James Seyffart expects more spot Ethereum ETFs to be filed in the coming days.

The race for the United States’ first spot Ethereum exchange-traded fund has officially begun after new 19b-4 filings by the Chicago Board Options Exchange (CBOE), which will "ultimately start the clock" for an SEC decision.

On Sept. 6, the CBOE filed two 19b-4 applications to the United States securities regulator, requesting for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF investment products to be listed on CBOE’s BZX Exchange.

In a series of tweets, Bloomberg ETF analyst James Seyffart noted that as opposed to the previously submitted S-1 filings, the 19b-4 filings mean that the countdown for a decision by the SEC is now in motion.

“The Spot #Ethereum ETF Race is officially on,” Seyffart declared, estimating a final deadline around May 23, 2024.

The Spot #Ethereum ETF Race is officially on. It's early but i'd estimate a final deadline on these applications to be around ~May 23, 2024.

Notably, we didn't see a VanEck spot Ethereum ETF S-1 from VanEck earlier because they filed for this thing all the way back in 2021!! pic.twitter.com/jLve8PpPrE
— James Seyffart (@JSeyff) September 6, 2023

A 19b-4 form is filed by self-regulatory organizations — such as a stock exchange — to request a rule change to the U.S. Securities and Exchange Commission, while an S-1 filing only indicates a firm’s intention to list a particular investment product on a national exchange.

The securities regulator is now obligated to review the 19b-4 filings and make a decision, though the SEC can also delay the decision as it has for spot Bitcoin ETFs.

ARK Invest and 21Shares teamed up to file an S-1 to the SEC on Sept. 6, though VanEck’s S-1 filing dates back to 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 expects more spot Ethereum ETF filings to come in the coming days.

How long before we see a 19b-4 from @Grayscale to convert $ETHE into an ETF? https://t.co/078sm9FNlF pic.twitter.com/pzSEcMrtZB
— James Seyffart (@JSeyff) September 6, 2023

On Aug. 17, the securities regulator reportedly signaling its intention to approve Ethereum Futures investment products while several firms including Grayscale Investments and BlackRock are currently fighting to get a spot Bitcoin ETF approved.

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