Ethereum

Franklin

James

<h2 class="wp-block-heading" id="five-ethereum-spot-etf-applicants-file-19b-4-forms-to-sec">Five Ethereum Spot ETF Applicants File 19b-4 Forms to SEC</h2>
<p>In a significant development for the cryptocurrency market, five Ethereum (ETH) spot ETF applicants have submitted their 19b-4 forms to the U.S. Securities and Exchange Commission (SEC). This move was reported by Bloomberg Intelligence analyst James Seyffart.</p>
<h2 class="wp-block-heading" id="last-minute-submission-before-deadline">Last-Minute Submission Before Deadline</h2>
<p>Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton were the key players who submitted their Amended <a href="https://x.com/JSeyff/status/1793039305125790105" target="_blank" rel="noopener noreferrer nofollow">19b-4</a> forms just 25 minutes before the deadline. These forms are crucial as they inform the SEC of a proposed rule change.</p>
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   <p lang="en" dir="ltr">UPDATE: It's happening. We have at least 5 of the potential <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Ethereum</a> ETF issuers that have submitted their Amended 19b-4's in the last ~25 min.<br>Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, &amp; Franklin all submitted via CBOE. <a href="https://t.co/pHGt8iRWi8" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/pHGt8iRWi8</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1793039305125790105?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">May 21, 2024</a>
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<h2 class="wp-block-heading" id="removal-of-eth-staking-from-etfs">Removal of ETH Staking from ETFs</h2>
<p>The 19b-4 forms were specifically used to eliminate Ethereum staking from their <a href="https://btc-pulse.com/binance-allegations-concerns-investment-nigeria/" rel="noopener noreferrer nofollow">investment </a>products. This action aligns with expectations from industry experts who anticipated that neither the issuer nor the user would be allowed to engage in Ethereum staking activities with the ETF.</p>
<h2 class="wp-block-heading" id="potential-classification-of-staked-eth-as-security">Potential Classification of Staked ETH as Security</h2>
<p>Alex Thorn, the Head of Firmwide Research at Galaxy Digital, highlighted on May 21 that the SEC might classify staked ETH as a security to approve the ETFs. This classification could <a href="https://btc-pulse.com/bank-of-america-upgrades-coinbase-price-target/" rel="noopener noreferrer nofollow">significantly </a>impact the approval process.</p>
<h2 class="wp-block-heading" id="approval-odds-and-timeline">Approval Odds and Timeline</h2>
<p>Despite the submission of the 19b-4 forms, Seyffart noted that the odds of the ETH ETF approval remain at 75%. He also mentioned that it could take “weeks or more” before these spot ETH ETFs are launched in the U.S.</p>
<h2 class="wp-block-heading" id="market-impact-predictions">Market Impact Predictions</h2>
<p>Analysts at the Singapore-based trading firm QCP Capital believe that the approval of spot Ethereum ETFs could potentially push the asset’s price above the $5,000 mark. This prediction underscores the significant market impact that these ETFs could have if approved.</p>

Ethereum ETF Applicants Submit 19b-4 Forms

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BTC-Pulse

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