Nasdaq Amends iShares Bitcoin Trust ETF and iShares Ethereum Trust ETF Listing Terms

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Notice

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

A Notice by the Securities and Exchange Commission on 04/13/2026

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• Document Details Published Content - Document Details Agency Securities and Exchange Commission Agency/Docket Numbers Release No. 34-105176 File No. SR- NASDAQ-2026-025 Document Citation 91 FR 18936 Document Number 2026-07038 Document Type Notice Pages 18936-18938
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Securities and Exchange Commission

1. [Release No. 34-105176; File No. SR- NASDAQ-2026-025] 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.

I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

The Exchange proposes to amend the iShares® Bitcoin Trust ETF (“IBIT”) and the iShares® 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 https://listingcenter.nasdaq.com/​rulebook/​nasdaq/​rulefilings, 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 ( printed 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.

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.

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.

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 ]

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

• Use the Commission's internet comment form (https://www.sec.gov/​rules/​sro.shtml); or
• Send an email to rule-comments@sec.gov. Please include file number SR-NASDAQ-2026-025 on the subject line.

Paper Comments:

• 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 ( printed 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 (https://www.sec.gov/​rules/​sro.shtml). 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 ]

Sherry R. Haywood,

Assistant Secretary.

Footnotes

1. 15 U.S.C. 78s(b)(1).

Back to Citation 2. 17 CFR 240.19b-4.

Back to Citation 3.

                     The Commission approved Nasdaq Rule 5711(d) in Securities Exchange Act Release No. 66648 (March 23, 2012), [77 FR 19428](https://www.federalregister.gov/citation/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](https://www.federalregister.gov/citation/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”).

Back to Citation 4.

                     
                    See 
                     Securities Exchange Act Release Nos. 99306 (January 10, 2024), [89 FR 3008](https://www.federalregister.gov/citation/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](https://www.federalregister.gov/citation/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”).

Back to Citation 5.

                     
                    See 
                     Securities Exchange Act Release No. 100224 (May 23, 2024), [89 FR 46937](https://www.federalregister.gov/citation/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”).

Back to Citation 6.

                     
                    See 
                     Securities Exchange Act Release No. 104130 (September 29, 2025), [90 FR 47411](https://www.federalregister.gov/citation/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).

Back to Citation 7. 15 U.S.C. 78f(b).

Back to Citation 8. 15 U.S.C. 78f(b)(5).

Back to Citation 9. 15 U.S.C. 78s(b)(3)(A).

Back to Citation 10. 17 CFR 240.19b-4(f)(6).

Back to Citation 11. 15 U.S.C. 78s(b)(3)(A).

Back to Citation 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.

Back to Citation 13. 17 CFR 240.19b-4(f)(6).

Back to Citation 14. 17 CFR 240.19b-4(f)(6)(iii).

Back to Citation 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)](https://www.govinfo.gov/link/uscode/15/78c).

Back to Citation 16. 17 CFR 200.30-3(a)(12) and (59).

Back to Citation [FR Doc. 2026-07038 Filed 4-10-26; 8:45 am]

BILLING CODE 8011-01-P

Published Document: 2026-07038 (91 FR 18936)