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2025-04237 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 2, To Amend the Rules Governing the Listing and Trading of Shares of the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF To Permit In-Kind Creations and Redemptions
March 17, 2025
Type:Notice
Citation:90 FR 12409
Reading Time:about 2 minutes
On January 27, 2025, the Cboe BZX Exchange submitted a request to the Securities and Exchange Commission (SEC) to change rules about how certain Bitcoin and Ethereum exchange-traded funds (ETFs) work. They want to allow in-kind creations and redemptions, which basically means allowing shares to be created and redeemed in exchange for a basket of assets like cash or stocks, rather than just cash. The SEC is extending the time they initially had to decide on this proposal to May 15, 2025, so they can carefully consider all aspects of the proposed changes. No public comments have been made on this proposal yet.
Simple Explanation
Imagine there are special boxes where people can put either money or toys to get new toys in return. The people in charge want to change the rules for how these boxes work, and they need more time to think about it until May 15, 2025, so they can make the best choice.
2025-02618 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 2, To Amend the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF in Order To Permit In-Kind Creations and Redemptions
February 14, 2025
Type:Notice
Citation:90 FR 9648
Reading Time:about 21 minutes
The Cboe BZX Exchange, Inc. has proposed a change to allow the ARK 21Shares Bitcoin ETF and the 21Shares Core Ethereum ETF to enable in-kind creations and redemptions. Instead of dealing solely in cash, investors can now create or redeem shares using bitcoin or ether, which potentially enhances market efficiency. This change aims to reduce the impact of these transactions on the market by letting participants manage how they acquire or dispose of crypto assets. The proposal is under review by the Securities and Exchange Commission, which is seeking public feedback.
Simple Explanation
The Cboe BZX Exchange wants to let people trade shares of certain Bitcoin and Ethereum funds using the actual bitcoins or ethers they own, instead of cash, so it might make the trading smoother and less bumpy like a playground slide.
2025-04227 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Amend the Rule Governing the Listing and Trading of Shares of the 21Shares Core Ethereum ETF To Permit Staking
March 17, 2025
Type:Notice
Citation:90 FR 12385
Reading Time:about a minute or two
The Securities and Exchange Commission (SEC) decided to take more time to review a proposed rule change by the Cboe BZX Exchange, Inc. related to the listing and trading of shares in the 21Shares Core Ethereum ETF. This proposed change would allow staking, a process where cryptocurrency holders can earn rewards. Originally, the SEC had a deadline of April 11, 2025, but has extended this to May 26, 2025, so they can thoroughly consider the rule change and any related issues.
Simple Explanation
The SEC is taking more time to decide if a new Ethereum fund on a big exchange can let people earn extra cryptocurrency by holding onto it. They need until the end of May to figure everything out.
2025-03030 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend the 21Shares Core Ethereum ETF, Shares of Which Have Been Approved by the Commission To List and Trade on the Exchange Pursuant to BZX Rule 14.11(e)(4)
February 25, 2025
Type:Notice
Citation:90 FR 10645
Reading Time:about 15 minutes
Cboe BZX Exchange, Inc. has proposed a rule change to the Securities and Exchange Commission (SEC) to allow the staking of Ether for the 21Shares Core Ethereum ETF. Staking allows the cryptocurrency, Ether, to earn rewards by participating in the Ethereum network's validation process. This proposal aims to enhance the returns for the ETF's investors without creating additional risk from the custody perspective, as the staked Ether will remain secure. The SEC is seeking public comments on this proposal by March 18, 2025, before making a decision.
Simple Explanation
The Cboe BZX Exchange wants to change some rules so they can use a special way to make money with Ether, a type of cryptocurrency, for people who put their money in an investment fund. This plan needs approval from a big group in charge of money rules, and they want to hear what people think about it by March 18, 2025.

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