“Its happening,” exclaimed Bloomberg ETF analyst James Seyffart on May 22 who added that at least five of the potential ETH ETF issuers have submitted their amended 19b-4s to the Securities and Exchange Commission a few hours ago.

Fidelity, VanEck, Invesco Galaxy, Ark 21Shares, and Franklin all submitted amendments via the Chicago Board Options Exchange (CBOE).

Grayscale filed an updated 19b-4 for their Ethereum Mini Trust earlier in the day.

UPDATE: Its happening. We have at least 5 of the potential #Ethereum ETF issuers that have submitted their Amended 19b-4s in the last ~25 min.

Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8

Not So Fast

The flurry of activity follows an advisory from the SEC to submit revised 19b-4 forms by May 21. A 19b-4 is a form filed by ETF issuers and exchanges proposing to change rules or introduce new products, in this case, spot Ethereum ETPs.

May 23 is the first final deadline for SEC approval or denial for the VanEck spot Ethereum ETF.

It is still a potentially long way from a launch, said Seyffart before adding, “These filings prove that all of the rumors and speculation and chatter have been accurate.”

However, there needs to be SEC approval orders on all of the 19b-4s then the regulator needs to approve the S-1 applications, which could take “weeks or more before ETFs launch,” he said.

“Seeing broad misconceptions that approvals mean immediate launches of the #Ethereum ETFs. This isnt necessarily the case. There will be days (at a minimum), likely at least weeks, and potentially months between approval and launches here.”

An S-1 is the initial registration form required for new securities offered to the public. They provide the SEC and potential investors with detailed information about the company’s business operations and products.

The major amendments submitted involved removing anything related to Ethereum staking from the ETF filings, which the SEC has vetoed for these products.

If the issuers could stake the ETH in the funds, they could potentially offer investors greater returns but the regulator was having none of it, still asserting that Ether is a security.

Seyffart maintained approval odds at 75% following an upgrade from 25% earlier this week.

“Also Yes our approval odds are still at 75%. Not that it even means anything anymore haha.”

Meanwhile, ETF Store President Nate Geraci did not think that the last-minute SEC U-turn was politically motivated.

ETH Price Outlook

Ethereum prices topped $3,800 on May 21 as ETF hopium heats up. The asset has held on to gains and was trading at $3,750 at the time of writing.

ETH has made a whopping 31% over the past week, most of that coming in a single day.

Bitcoin could not maintain gains, however, dipping below $70,000 during the Wednesday morning Asian trading session.