On 26 September 2025, the United States Securities and Exchange Commission (United States SEC) published [Release No. 34-104105; File No. SR-CboeBZX-2025-135] titled “Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Fidelity Wise Origin Bitcoin Fund, VanEck Bitcoin ETF, 21Shares Ethereum ETF, Fidelity Ethereum Fund, and the VanEck Ethereum ETF.” The notice records that the Cboe BZX Exchange, Inc. filed the change under Section 19(b)(1) of the United States Securities Exchange Act of 1934 and Rule 19b-4. The filing was accepted as “non-controversial” under Section 19(b)(3)(A)(iii) and Rule 19b-4(f)(6). Effective 1 October 2025, the funds will move under the generic listing standards of BZX Rule 14.11(e)(4). This rule change marks a significant development in United States ETF regulation, strengthening transparency, competition, and investor confidence in crypto-linked exchange-traded products. The filing states:
“Cboe BZX Exchange, Inc. (‘BZX’ or the ‘Exchange’) is filing with the Securities and Exchange Commission (‘Commission’ or ‘SEC’) a proposed rule change to amend the Fidelity Wise Origin Bitcoin Fund, VanEck Bitcoin ETF, 21Shares Ethereum ETF, Fidelity Ethereum Fund, and the VanEck Ethereum ETF, shares (‘Fund Shares’) of which have been approved by the Commission to list and trade on the Exchange pursuant to BZX Rule 14.11(e)(4) under an approval order, to permit the Funds to list and trade under the generic listing standards of that rule effective October 1, 2025.”
On 10 January 2024, the US SEC issued Release No. 99306 under the United States Securities Exchange Act of 1934, granting approval for the listing and trading of Bitcoin-based Commodity-Based Trust Shares. This marked the first time that a regulated Bitcoin exchange-traded product was authorised in the United States, providing institutional investors with direct and legally compliant access to Bitcoin exposure.
Following this precedent, the United States SEC expanded the scope of regulated exchange-traded products by approving Ether-based ETPs on 23 May 2024 through Release No. 100224. By recognising Ethereum under the same exchange-traded framework as Bitcoin, within the securities infrastructure when structured as commodity-based trust shares.
On 17 September 2025, when the United States SEC adopted generic listing standards for Commodity-Based Trust Shares under BZX Rule 14.11(e)(4), formalised through Release No. 103995. This amendment eliminated the need for case-by-case US SEC approvals for each new crypto-linked ETF, introducing a uniform standard that streamlined regulatory processes, designed to accelerate the growth of exchange-traded products, promote fair competition across exchanges, and improve market efficiency by reducing regulatory friction. It was a direct response to industry calls for predictability and transparency in the regulatory framework.
Building upon these developments, on 26 September 2025, Cboe BZX Exchange, Inc. filed a proposed rule change with the United States SEC, recorded as Release No. 34-104105. This filing sought to formally transition five existing crypto funds namely, the Fidelity Wise Origin Bitcoin Fund, the VanEck Bitcoin ETF, the 21Shares Ethereum ETF, the Fidelity Ethereum Fund, and the VanEck Ethereum ETF, from their earlier approval orders into the newly adopted generic listing standards. The filing was processed under Section 19(b)(1) and Rule 19b-4 of the United States Securities Exchange Act of 1934 as a “non-controversial” proposal, allowing for immediate effectiveness without extended procedural delays.
The rule change takes effect on 1 October 2025, cementing the shift of these leading Bitcoin and Ethereum ETFs into the framework of generic listing standards. From this date onwards, the funds will operate under BZX Rule 14.11(e)(4), enjoying a streamlined compliance pathway while ensuring adherence to the continued listing requirements embedded in the rule. For investors, this means improved clarity, consistency, and regulatory certainty. For the market, it signifies enhanced competition and transparency in the listing of crypto-linked exchange-traded products under the oversight of the United States SEC.
(Source: https://www.sec.gov/files/rules/sro/cboebzx/2025/34-104105.pdf)
