Prospective Ethereum ETH +0.51% ETF issuers were given deadlines up until this morning for final 19b-4 forms, according to two sources. But even if they are approved, trading of these products likely won’t start for weeks. 

One issuer was told yesterday it had until 10 a.m. ET this morning for its 19b-4 form to be amended and handed in, according to a source, while another issuer had an earlier deadline, according to a different source.

The source at one issuer said they anticipate the SEC making its decision to approve one or many of the applications after market close today, based on the agency’s tendency to do so historically.

This matches estimates by Bloomberg ETF analyst Eric Balchunas, who reckons the SEC will make a decision around 4 p.m. ET. This is because it's the final deadline for the VanEck Ethereum ETF application, meaning that the agency has until today if it wants to approve all of the ETFs in one go. 

Ethereum ETFs might not start trading for weeks

One source, however, cast doubt on the notion that trading these ETFs would begin any time soon.

When the Bitcoin ETFs were approved, the S-1 registration statements were prepared in advance, and exchanges were lined up and ready to start trading. However, in this case, the S-1s need “a lot of work,” they said, and conversations with exchanges to prepare for trading have not started.

One source anticipates that it will take multiple rounds of the S-1s going back and forth between the SEC and prospective issuers before they are ready. They said it could take weeks but ultimately depends on how responsive the SEC is.

If the 19b-4 forms are approved and the S-1s have gone effective, then the Ethereum ETFs can start trading.