Potential Ether ETF Issuers Revise Filings Following SEC Feedback
Summary:
Five potential issuers of Ether (ETH) exchange-traded funds (ETF) have revised their 19b-4 filings in response to feedback from the Securities and Exchange Commission. The amendments were submitted by Fidelity, VanEck, Invesco and Galaxy, Ark 21Shares and Franklin Templeton. Successful filings will need to be accompanied by approved S-1 registration statements for the Ether ETFs to launch. The SEC is expected to decide on these applications similarly to how it handled the Bitcoin (BTC) ETFs. Two more applicants, BlackRock and Hashdex, are also racing for approval. Bloomberg ETF analysts have increased the approval probability estimates from 25% to 75% in light of recent developments.
Five potential issuers of an Ether (ETH) exchange-traded fund (ETF) have revised their 19b-4 filings as a response to last-minute feedback from the Securities and Exchange Commission. The revised submissions were provided by Fidelity, VanEck, Invesco and Galaxy, Ark 21Shares and Franklin Templeton, according to multiple filings. Each of these revisions was submitted in a span of 25 minutes, between 9:35 pm and 10:00 pm UTC on May 21, as reported by Bloomberg ETF analyst James Seyffart. Seyffart highlighted that successful 19b-4 filings will require approved S-1 registration statements before the Ether ETFs can be launched. "Considerable steps towards a launch are still needed. However, these filings validate the accuracy of the ongoing rumors and discussion," he emphasized. The SEC has an impending decision to make on VanEck’s application by May 23. Nevertheless, industry experts predict the regulator will make a comparable decision on most, if not all, applicants the same way it did with Bitcoin (BTC) ETFs. BlackRock and Hashdex are also in the race for SEC approval of their Ether ETF applications. This development comes on the heels of the SEC reportedly urging applicants to speed up their 19b-4 filings on May 20. This sudden shift led Seyffart and colleague Bloomberg ETF analyst Eric Balchunas to increase their approval probability estimates for an Ether ETF from 25% to 75%.
Published At
5/22/2024 1:52:19 AM
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