On Wednesday, Nasdaq, the second-largest American stock exchange based in New York City, revised its 19b-4 filing for Blackrock’s spot ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
Nasdaq Amends Blackrock’s Ether ETF 19b-4 Filing
Following several amended 19b-4 filings by Cboe on Tuesday, Nasdaq has refiled Blackrock’s 19b-4 submission. Blackrock, the world’s largest asset manager, has been actively working towards launching a spot ETH ETF since November 2023. The SEC has consistently delayed its decision on Blackrock’s spot ethereum ETF application, with the most recent postponement extending the decision date.
Blackrock’s proposed spot Ethereum ETF would adopt the cash-based creation and redemption model used by previously approved spot bitcoin ETFs. This week, however, the likelihood of SEC approval for spot ether ETFs from multiple applicants, including Blackrock, appears to have increased. Around nine companies have submitted applications to list spot ether ETFs, including Blackrock, Bitwise, Fidelity, Franklin Templeton, Galaxy and Invesco, Grayscale, Hashdex, Vaneck, and Ark Invest and 21shares.
By requesting exchanges like Nasdaq and Cboe to update their filings, the SEC is essentially asking for additional information, clarification, or amendments to address identified issues or concerns. Blackrock, nonetheless, has a solid track record with the SEC, having only one ETF application denied in 2014, which was later approved after addressing the SEC’s concerns. In the revised amended form, Blackrock’s Ishares ether ETF proposal no longer includes the use of staking.
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