Race Begins for First US Ethereum ETF as CBOE Files Applications with SEC

The race to launch the first Ethereum exchange-traded fund (ETF) in the United States has officially begun, with the Chicago Board Options Exchange (CBOE) filing two 19b-4 applications to the US securities regulator. The applications were submitted for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF investment products to be listed on CBOE's BZX Exchange. This marks the start of the countdown for a decision by the Securities and Exchange Commission (SEC), with an estimated final deadline set for around May 23, 2024.

Countdown in Motion with 19b-4 Filings

Unlike the previously submitted S-1 filings, the 19b-4 filings by the CBOE initiate the countdown for an SEC decision on the Ethereum ETFs. Bloomberg ETF analyst James Seyffart declared on Twitter that "the Spot Ethereum ETF Race is officially on." The SEC is now obligated to review the filings and make a decision, although it has the authority to delay the decision, as it has done for spot Bitcoin ETFs in the past.

Understanding 19b-4 Filings

While an S-1 filing indicates a firm's intention to list a particular investment product on a national exchange, a 19b-4 form is filed by self-regulatory organizations, such as a stock exchange, to request a rule change to the SEC. This means that the 19b-4 filings by the CBOE demonstrate their requests for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF to be listed on the BZX Exchange.

More Filings Expected in the Future

Analyst James Seyffart expects to see more spot Ethereum ETF filings in the coming days. The race to launch an Ethereum ETF in the US has gained momentum following the SEC's reported intention to approve Ethereum Futures investment products on August 17. Additionally, firms such as Grayscale Investments and BlackRock are currently vying for approval of a spot Bitcoin ETF.