Notice2026-07038
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 70 (Monday, April 13, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 70 (Monday, April 13, 2026)]
[Notices]
[Pages 18936-18938]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07038]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105176; File No. SR- NASDAQ-2026-025]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend the iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF
April 8, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on March 31, 2026, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the iShares[supreg] Bitcoin Trust
ETF (``IBIT'') and the iShares[supreg] Ethereum Trust ETF (``ETHA'') to
permit IBIT and ETHA to come under the generic listing standards in
Rule 5711(d) by Q3 of 2026.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings</a>, and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1.Purpose
The Commission approved the listing and trading of shares (``IBIT
Shares'') of IBIT on the Exchange pursuant to Nasdaq Rule 5711(d) \3\
on January 10, 2024.\4\ The Commission also approved the listing and
trading of shares (``ETHA Shares'') of ETHA on the Exchange pursuant to
Nasdaq Rule 5711(d) on May 23, 2024.\5\ The Exchange
[[Page 18937]]
previously filed to permit IBIT and ETHA to operate in reliance on the
Generic Listing Standards instead of the terms of the IBIT Filing and
ETHA Filing, as applicable, and indicated that IBIT and ETHA would
comply with the Generic Listing Standards by Q1 2026.\6\ The Exchange
now proposes to extend the effective date of compliance to Q3 2026 in
order to provide the sponsor with additional time to operationalize the
conversion of IBIT and ETHA to the Generic Listing Standards.
---------------------------------------------------------------------------
\3\ The Commission approved Nasdaq Rule 5711(d) in Securities
Exchange Act Release No. 66648 (March 23, 2012), 77 FR 19428 (March
30, 2012) (SR-NASDAQ-2012-013). The Commission subsequently approved
amendments to Rule 5711(d) to adopt generic listing standards for
Commodity-Based Trust Shares. See Securities Exchange Act Release
No. 103995 (September 17, 2025), 90 FR 45414 (September 22, 2025)
(SR-NASDAQ-2025-056; SR-CboeBZX-2025-104; SR-NYSEARCA-2025-54)
(Order Granting Accelerated Approval of Proposed Rule Changes, as
Modified by Amendments Thereto, to Adopt Generic Listing Standards
for Commodity-Based Trust Shares) (``Generic Listing Standards'').
\4\ See Securities Exchange Act Release Nos. 99306 (January 10,
2024), 89 FR 3008 (January 17, 2024) (SR-NYSEARCA-2021-90; SR-
NYSEARCA-2023-44; SR-NYSEARCA-2023-58; SR-NASDAQ-2023-016; SR-
NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038; SR-
CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023-044; SR-
CboeBZX-2023-072) (``Bitcoin ETP Approval''); and 103571 (July 29,
2025), 90 FR 36248 (August 1, 2025) (SR-NASDAQ-2025-008; SR-NASDAQ-
2025-038; SR-CboeBZX-2025-010; SR-CboeBZX-2025-023; SR-CboeBZX-2025-
031; SR-CboeBZX-025-033; SR-CboeBZX-2025-035; SR-CboeBZX-2025-050;
SR-NYSEARCA-2025-38) (``In-Kind Approval'' and together with Bitcoin
ETP Approval, the ``IBIT Filing'').
\5\ See Securities Exchange Act Release No. 100224 (May 23,
2024), 89 FR 46937 (May 30, 2024) (Self-Regulatory Organizations;
NYSE Arca, Inc.; The Nasdaq Stock Market LLC; Cboe BZX Exchange,
Inc.; Order Granting Accelerated Approval of Proposed Rule Changes,
as Modified by Amendments Thereto, To List and Trade Shares of
Ether-Based Exchange-Traded Products) (``ETH ETP Approval''); and
In-Kind Approval (In-Kind Approval together with ETH ETP Approval
will hereinafter be referred to as the ``ETHA Filing'').
\6\ See Securities Exchange Act Release No. 104130 (September
29, 2025), 90 FR 47411 (October 1, 2025) (SR-NASDAQ-2025-082)
(Notice of Filing and Immediate Effectiveness of Proposed Rule
Change To Amend iShares Bitcoin Trust and iShares Ethereum Trust).
---------------------------------------------------------------------------
Upon switching over to the Generic Listing Standards, IBIT and ETHA
will each meet the requirements of the Generic Listing Standards under
Rule 5711(d) and will be required to comply with the continued listing
standards on an ongoing basis, as set forth in that rule. Upon
switching over, any requirements for listing as specified in the IBIT
Filing and ETHA Filing, as applicable, that differ from the
requirements of the Generic Listing Standards will no longer be
applicable to such security.
2.Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\7\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\8\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The proposed changes extend the timing by which IBIT and ETHA would
switch over to operate in reliance on the Generic Listing Standards
(instead of the terms of the IBIT Filing and ETHA Filing, as
applicable) from Q1 to Q3 of this year. As noted above, this is to
allow the sponsor with additional time to operationalize the conversion
of IBIT and ETHA to the Generic Listing Standards in Rule 5711(d). Upon
switching over to the Generic Listing Standards, IBIT and ETHA will
each meet the requirements of the Generic Listing Standards under Rule
5711(d) and will be required to comply with the continued listing
standards on an ongoing basis, as set forth in that rule.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act. As discussed above, the
Exchange is extending the timing by which IBIT and ETHA would convert
their listings under the terms of the IBIT Filing and ETHA Filing, as
applicable, to the Generic Listing Standards. Upon switching over to
the Generic Listing Standards, IBIT and ETHA will each meet the
requirements of the Generic Listing Standards under Rule 5711(d) and
will be required to comply with the continued listing standards on an
ongoing basis, as set forth in that rule. Accordingly, the Exchange
does not believe its proposal would impose any undue burden on
competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received from Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6) \10\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) \12\ thereunder.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6).
\11\ 15 U.S.C. 78s(b)(3)(A).
\12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
---------------------------------------------------------------------------
A proposed rule change filed under Rule 19b-4(f)(6) \13\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\14\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the date of
IBIT and ETHA conversion to the Generic Listing Standards is extended
to Q3 2026. The Commission believes that waiving the 30-day operative
delay is consistent with the protection of investors and the public
interest because the extension does not introduce any regulatory
issues. Until the conversion, IBIT and ETHA will instead be required to
meet the continued listing requirements as contemplated by the IBIT
Filing and ETHA Filing, respectively. Accordingly, the Commission
designates the proposed rule change to be operative upon filing.\15\
---------------------------------------------------------------------------
\13\ 17 CFR 240.19b-4(f)(6).
\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#87f5f2ebe2aae4e8eaeae2e9f3f4c7f4e2e4a9e0e8f1"><span class="__cf_email__" data-cfemail="255750494008464a4848404b5156655640460b424a53">[email protected]</span></a>. Please include
file number SR-NASDAQ-2026-025 on the subject line.
Paper Comments:
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NASDAQ-2026-025. This
file number should be included on the
[[Page 18938]]
subject line if email is used. To help the Commission process and
review your comments more efficiently, please use only one method. The
Commission will post all comments on the Commission's internet website
(<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be
available for inspection and copying at the principal office of the
Exchange. Do not include personal identifiable information in
submissions; you should submit only information that you wish to make
available publicly. We may redact in part or withhold entirely from
publication submitted material that is obscene or subject to copyright
protection. All submissions should refer to file number SR-NASDAQ-2026-
025 and should be submitted on or before May 4, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\16\
---------------------------------------------------------------------------
\16\ 17 CFR 200.30-3(a)(12) and (59).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07038 Filed 4-10-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js" defer></script></body>
</html>Indexed from Federal Register on April 13, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.