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Cboe BZX filed 19-b4 amendments related to five ethereum spot ETFs in May 21thsignificantly increasing the chances of approval of each fund.
The news coincided with a sudden increase in odds from Polymarket, which reports a 70% chance of approval by May 31, up from just 10% hours earlier.
James Seyffart, Bloomberg ETF Analyst twitter.com/JSeyff/status/1793039305125790105″>commented about the development, stating that the filings validate previous rumors and speculation.
He acknowledged that each applicant is “still a long way from a launch,” as the SEC has yet to issue approval orders on 19b-4 filings and 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 the chances of passage to 75% amid reports from their sources about upcoming amendments. Others, including FOX Business reporter Eleanor Terret, backed up 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 modifications do not take into account all pending applications. Grayscale separately aims to convert its ethereum Trust (ETHE) into a spot ETF on NYSE Arca, while BlackRock and Hashdex intend to issue spot ethereum ETFs on Nasdaq.
The SEC is due to rule on VanEck's spot eth ETF on May 23. However, you can simultaneously approve multiple similar proposals with later deadlines.
It is not possible to bet
The amendments also outline critical aspects of each eth ETF. Each filing states that the trust, fund, sponsor, custodian and other parties will not be involved in staking ethereum.
Some applicants previously proposed gambling, but eliminated the possibility in subsequent S-1 filings.
The filings also state that each fund will use cash creation and redemptions. In contrast, in-kind creations and redemptions would allow some participants to transact in cryptocurrencies, a possibility that was raised but rejected during the approval of spot bitcoin ETFs.
Both factors are expected to influence the SEC's decision on eth ETFs.
The post Cboe Files 5 Modified eth ETF Filings Amid New Approval Possibilities appeared first on CryptoSlate.
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