Cboe submits 5 amended ETH ETF filings amid renewed chance of approval Cboe submits 5 amended ETH ETF filings amid renewed chance of approval
The amendments concern proposals from Fidelity and four others.
2 min read
Updated: May. 22, 2024 at 1:19 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cboe BZX filed 19-b4 amendments related to five spot Ethereum ETFs on May 21, significantly increasing the odds of each fund’s approval.
The news coincided with a sudden spike in odds on Polymarket, which reports 70% odds of approval by May 31, up from just 10% hours before.
Bloomberg ETF analyst James Seyffart commented on the development, stating that the filings validate earlier rumors and speculation.
He acknowledged that each applicant is “still a potentially long way from a launch,” as the SEC must still issue approval orders on the 19b-4 filings, then S-1 registration statements. As such, each fund may not launch for “weeks or more,” according to Seyffart.
Yesterday, Seyffart and his colleague Eric Balchunas increased approval odds to 75% amidst reports of upcoming amendments from their sources. Others, including FOX Business reporter Eleanor Terret, backed the reports based on their own sources.
Five funds at play
The Cboe BZX amendments concern proposals from Fidelity, VanEck, Invesco and Galaxy, Ark Invest and 21 Shares, and Franklin Templeton.
The latest amendments do not account for all pending applications. Grayscale separately aims to convert its Ethereum Trust (ETHE) to a spot ETF on NYSE Arca, while BlackRock and Hashdex each intend to issue spot Ethereum ETFs on Nasdaq.
The SEC must decide on VanEck’s spot ETH ETF on May 23. However, it may simultaneously approve multiple similar proposals with later deadlines.
Staking not possible
The amendments also describe critical aspects of each ETH ETF. Each filing states that the trust, fund, sponsor, custodian, and other parties will not engage in Ethereum staking.
Some applicants previously proposed staking but removed the possibility in later S-1 statements.
The filings also affirm that each fund will use cash creation and redemptions. By contrast, in-kind creations and redemptions would allow some participants to transact in crypto — a possibility that was raised but walked back during the approval of spot Bitcoin ETFs.
Both factors are expected to influence the SEC’s decision on ETH ETFs.
Mentioned in this article
Ethereum 
Cboe Global Markets 
Fidelity Investments 
VanEck 
Ark Invest 
21shares 
Franklin Templeton 
Galaxy Digital 
Grayscale Investments 
BlackRock Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cboe Global Markets
Cboe Global Markets is a leading global exchange operator and provider of financial market solutions.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
21shares
21Shares is a Swiss provider of crypto- currency exchange-traded products (ETPs).
Franklin Templeton
Franklin Resources, Inc., commonly known as Franklin Templeton, stands as an American multinational holding company rooted in the world of finance.
Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.