The race for the United States\u2019 first spot Ethereum exchange-traded fund has officially begun after new\u00a019b-4filings by the Chicago Board Options Exchange (CBOE), which will “ultimately start the clock” for an SEC decision.\u00a0\u00a0<\/p>\n
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\u2019s BZX Exchange.<\/p>\n
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.<\/p>\n
\u201cThe Spot #Ethereum ETF Race is officially on,\u201d Seyffart declared, estimating a final deadline around May 23, 2024.<\/p>\n
A 19b-4 form is filed by self-regulatory organizations \u2014 such as a stock exchange \u2014 to request a rule change to the U.S. Securities and Exchange Commission, while an S-1 filing only indicates a firm\u2019s intention to list a particular investment product on a national exchange.<\/p>\n
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.\u00a0<\/p>\n
ARK Invest and 21Shares teamed up to file an S-1 to the SEC on Sept. 6, though VanEck\u2019s S-1 filing dates back to July 2021.<\/p>\n
Meanwhile, Seyffart expects more spot Ethereum ETF filings to come in the coming days.<\/p>\n