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BlackRock, Grayscale, and Bitwise have filed amended 19b-4 forms with the U.S. Securities and Exchange Commission (SEC) for their proposed spot Ethereum (ETH) exchange-traded funds (ETFs). The updated filings filed Wednesday address what many believe is a regulatory hurdle by specifically removing provisions regarding Ethereum staking.
Removing staking provisions aims to address regulatory concerns. Staking involves locking up certain cryptocurrencies for a certain period of time to support blockchain operations, providing rewards that are considered passive income in the crypto world. These rewards, often viewed as a form of passive income, have been a point of regulatory contention.
BlackRock’s amended filing clearly states: “Neither the Trust, nor the Sponsor, nor the Ether Custodian […] nor any person associated with the Trust shall, directly or indirectly, be subject to any portion of the Trust’s ETH.” “It is subject to Ethereum’s proof of stake verification or is used to earn additional ETH or generate income or other benefits.”
As of Thursday, Ethereum staking yields an annualized return of around 3%, according to data from staking service Lido.
The move to change staking provisions has been mirrored by other Ethereum ETF hopefuls. Fidelity, VanEck, Franklin Templeton, Invesco Galaxy and ARK 21Shares also offered similar changes. Hashdex remains the only major issuer that has yet to make changes to its Ethereum ETF.
In a positive sign for the market, the Depository Trust and Clearing Corporation (DTCC) has begun listing VanEck’s Ether ETF on its site under the symbol ETHV. This move was interpreted as a strong indicator of potential approval.
Bloomberg analysts Eric Balchunas and James Seyffart increased the probability of approval of Ethereum ETFs to 75% from the previous 25%, which sparked serious reactions in the market. While the price of Ether rose over 17%, Bitcoin briefly surpassed $71,000, marking a significant increase since the beginning of April.
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