Nasdaq Simplifies Rules for Bitcoin and Ethereum Trusts
Published Date: 10/1/2025
Notice
Summary
Nasdaq is updating the rules for the iShares Bitcoin Trust and iShares Ethereum Trust so they can follow simpler, generic listing standards starting in early 2026. This change affects investors and fund managers by making the trusts easier to manage and potentially more flexible. The update kicks in soon, with no extra waiting time, aiming to keep things smooth and speedy in the crypto fund world.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
IBIT and ETHA Shift to Generic Standards
The Nasdaq is allowing the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA) to operate under Nasdaq Rule 5711(d) generic listing standards instead of their original special listing terms. This change is effective upon filing (September 26, 2025) and the trusts will comply with the Generic Listing Standards by Q1 2026; any listing requirements from the original IBIT and ETHA filings that differ from the generic standards will no longer apply.
Immediate Effect and Waiver of Notice
Nasdaq requested and the SEC granted waiver of the five business day pre-filing notice requirement, so the proposed amendments became effective upon filing on September 26, 2025. The Exchange designated the amendments to be operative by Q1 2026, and the Commission may temporarily suspend the change at any time within 60 days of the filing.
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