Ethereum
Ethereum ETF Applicants Submit Forms 19b-4
Five Ethereum (ETH) Spot ETF applicants have submitted their Forms 19b-4 to the U.S. Securities and Exchange Commission (SEC).
According to Bloomberg Intelligence analyst James Seyffart, the ETH ETF applicants – Fidelity, VanEck, Invesco/Galaxy, Ark Invest and Franklin Templeton – submitted their amended Forms 19b-4 to the SEC just 25 minutes before the deadline.
UPDATE: This is happening. We have at least 5 potential #Ethereum ETF issuers that have submitted their amended 19b-4s within the last 25 minutes.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8–James Seyffart (@JSeyff) May 21, 2024
Forms 19b-4 are used to notify the SEC of a proposed rule change.
According to the analyst, ETF applicants used Forms 19b-4 to remove ETH staking from their investment products. As experts expected, neither the issuer nor the user can “directly or indirectly” engage in Ethereum staking activities with the ETF.
Galaxy Digital’s head of enterprise-wide research, Alex Thorn, said on May 21, the SEC could qualify staked ETH as collateral for the purpose of approving ETFs.
Seyffart also pointed out that the chances of ETH ETF approval stay at 75% despite the submission of forms 19b-4.
The Bloomberg Intelligence analyst said it could take “weeks, if not longer” before spot ETH ETFs launch in the United States.
According to a report from crypto.news on May 21, analysts at Singapore-based trading firm QCP Capital believe that the approval of Ethereum spot ETFs could send the price of the asset above the $5,000 mark.