Ethereum ETF applicants submit 19b-4 forms

Five Ethereum (ETH) spot ETF applicants have filed their 19b-4 forms with the U.S. Securities and Exchange Commission (SEC).

According to Bloomberg Intelligence analyst James Seyffart, ETH ETF applicants (Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton) filed Amended 19b-4 forms with the SEC just 25 minutes before the deadline.

UPDATE: This is happening. We have at least 5 potential #Ethereum ETF issuers that filed their amended 19b-4 within the last ~25 minutes.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin all shipped through CBOE. pic.twitter.com/pHGt8iRWi8

— James Seyffart (@JSeyff) May 21, 2024

19b-4 forms are used to notify the SEC about a proposed rule change.

According to the analyst, ETF applicants used 19b-4 forms to remove ETH staking from their investment products. As experts expected, neither the issuer nor the user can participate in Ethereum staking activities “directly or indirectly” with the ETF.

Alex Thorn, Head of Firmwide Research at Galaxy Digital, said on May 21 that the SEC may label staked ETH as a security for the purpose of approving ETFs.

Seyffart also pointed out that despite the submission of 19b-4 forms, the probability of ETH ETF approval remains at 75%.

Bloomberg Intelligence analyst says it could take “weeks or more” for ETH ETFs to launch in the US

According to a crypto.news report dated May 21, analysts at Singapore-based trading firm QCP Capital believe that the approval of spot Ethereum ETFs could push the price of the asset above the $5,000 level.