ETFs
Information on the upcoming Spot Ether ETFs
So-called 19b-4 documents are filed by exchanges (for example, the New York Stock Exchange or NASDAQ) to notify the SEC of a proposed rule change. These filings are necessary to list a new ETF type. Issuers were asked to amend their 19b-4s around May 20, when most issuers removed the staking provisions. The SEC approved amended versions of eight issuers – VanEck, 21Shares, Grayscale, Fidelity, Invesco, iShares, Franklin and Bitwise – shortly after, on May 23. (Later, ProShares also threw its hat in the ring.) While this means the SEC will likely approve ether spot ETFs, we are still waiting for official approval of S-1s (registration statements) before these ETFs are only beginning to be traded. Spot Ether ETF issuers have filed amended S-1s in response to the SEC’s comments – which is often a good sign that negotiations are progressing. Final approval will likely come within 90 days of the initial 19b-4 approvals, meaning it could happen this summer (and probably sooner rather than later).