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 Adjusts Blackrock's Ether ETF 19b-4 Filing
After Cboe made several amended 19b-4 filings on Tuesday, Nasdaq has now resubmitted Blackrock's 19b-4 application. Blackrock, the largest asset manager globally, has been actively pursuing the launch of an ethereum ETF since November 2023. The SEC has consistently postponed its decision on Blackrock's ethereum ETF application, with the most recent delay pushing back the decision date.
Blackrock's proposed ethereum ETF would adopt the cash-based creation and redemption model that previously approved bitcoin ETFs have used. However, this week, the chances of SEC approval for ethereum ETFs from multiple applicants, including Blackrock, seem to have increased. Approximately 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 seeking additional information, clarification, or amendments to address identified concerns or issues.
Blackrock, however, has a strong history with the SEC, with only one ETF application being denied in 2014. The application 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's update to Blackrock's ethereum ETF filing? Feel free to share your thoughts and opinions on this topic in the comments section below.