Cboe BZX Files Amended Applications for Five Ethereum ETFs
Cboe BZX has filed 19-b4 amendments related to five spot Ethereum ETFs on May 21, increasing the likelihood of approval for each fund.
The news comes as odds on Polymarket have spiked, with a 70% chance of approval by May 31, up from just 10% earlier in the day.
According to Bloomberg ETF analyst James Seyffart, the filings confirm earlier rumors and speculation surrounding the Ethereum ETFs. However, Seyffart notes that there is still a long way to go before the funds can be launched. The SEC needs to issue approval orders on the 19b-4 filings, followed by S-1 registration statements, which could take “weeks or more.”
Seyffart and colleague Eric Balchunas raised the approval odds to 75% after reports of upcoming amendments from their sources. Other sources, including FOX Business reporter Eleanor Terret, have also supported these reports.
The Cboe BZX amendments involve proposals from companies such as Fidelity, VanEck, Invesco, Galaxy, Ark Invest, 21 Shares, and Franklin Templeton. Not all pending applications are covered by these latest amendments, as Grayscale, BlackRock, and Hashdex have their own plans for spot Ethereum ETFs.
In the filings, it is noted that staking of Ethereum is not possible for these funds. While some applicants previously proposed staking, this feature has since been removed from the S-1 statements.
The use of cash for creations and redemptions, rather than in-kind transactions, is also highlighted in the filings. This factor, along with the omission of staking, is expected to play a role in the SEC’s decision on the Ethereum ETFs.
The SEC is set to make a decision on VanEck’s spot ETH ETF on May 23, but may approve multiple similar proposals simultaneously with later deadlines.
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