Nasdaq, the second-largest stock exchange in the United States located in New York City, made changes to its 19b-4 filing for Blackrock’s ethereum exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) on Wednesday.
Nasdaq Revises Blackrock’s Ether ETF 19b-4 Filing
After Cboe filed several amended 19b-4 submissions on Tuesday, Nasdaq has now refiled Blackrock’s 19b-4 application. Blackrock, the largest asset manager in the world, has been actively working towards launching an ETF for ethereum since November 2023. The SEC has consistently postponed its decision on Blackrock’s ethereum ETF application, with the latest delay extending the decision date.
Blackrock’s proposed ethereum ETF would use the cash-based creation and redemption model that was previously approved for bitcoin ETFs. However, this week, the chances of SEC approval for ethereum ETFs from multiple applicants, including Blackrock, seem to have increased. Around nine companies, including Blackrock, Bitwise, Fidelity, Franklin Templeton, Galaxy and Invesco, Grayscale, Hashdex, Vaneck, and Ark Invest and 21shares, have submitted applications to list ethereum ETFs.
By asking exchanges like Nasdaq and Cboe to update their filings, the SEC is essentially requesting additional information, clarification, or amendments to address any identified issues or concerns.
Blackrock, nevertheless, has a good history with the SEC, as it has only had one ETF application denied in 2014, which was later approved after addressing the SEC’s concerns. In the revised amended form, Blackrock’s Ishares ethereum ETF proposal no longer includes the use of staking.
What are your thoughts on Nasdaq updating the filing for Blackrock’s ethereum ETF? Feel free to share your opinions and thoughts on this matter in the comments section below.
