Federal Register #SR-NASDAQ-2026-025

SEC Notice: Proposed Rule Change for iShares Bitcoin and Ethereum Trust ETF Listing Standards

This notice concerns a proposed rule change by The Nasdaq Stock Market LLC regarding the listing standards for the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA): - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors Mentioned: - BlackRock (iShares) - Nasdaq - Products/Services Requested: - No products or services are being procured or awarded - Key Details: - The rule change allows IBIT and ETHA to transition to Nasdaq's generic listing standards under Rule 5711(d) by Q3 2026 (previously Q1 2026) - This extension provides additional time for the sponsor to operationalize the conversion - Upon conversion, the ETFs will be governed by the generic standards and not their original filings - The rule change is effective immediately to protect investors and the public interest - Notable Requirements: - No procurement activity, contract, or award is associated with this notice - The SEC is the overseeing government agency

Description

The Nasdaq Stock Market LLC filed a proposed rule change to amend the iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) to permit these ETFs to come under the generic listing standards in Rule 5711(d) by Q3 of 2026, extending the previously planned compliance date from Q1 to Q3 2026. This change allows additional time for the sponsor to operationalize the conversion to the generic listing standards. Upon conversion, IBIT and ETHA will comply with the generic listing standards and no longer be subject to the specific terms of their original filings. The Securities and Exchange Commission has made the rule change effective immediately to protect investors and the public interest.

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