We identified a new ultradistant comet C/2019 E3 (ATLAS) exhibiting preperihelion cometary activity at heliocentric distances ≳20 au, making it the fourth member of this population after C/2010 U3 (Boattini), C/2014 UN271 (Bernardinelli–Bernstein), and C/2017 K2 (PANSTARRS). From serendipitous archival data, we conducted analyses of the comet, finding that the activity was consistent with steady-state behavior, suggestive of sublimation of supervolatiles; that the cross section of dust increased gradually on the inbound leg of the orbit, varying with heliocentric distances as rH−1.5±0.4 ; and that the dust was produced at a rate of ≳102 kg s−1 within the observed timespan. Our modeling of the largely symmetric morphology of the comet suggests that the dust environment was likely dominated by mm-scale dust grains ejected at speeds ≲0.4 m s−1 from the sunlit hemisphere of the nucleus. Assuming a typical geometric albedo of 0.05 and adopting several simplistic thermophysical models, we estimated the nucleus to be at least ∼3 km across. We also measured the color of the comet to be consistent with other long-period comets, except being slightly bluer in g − r. With our astrometric measurements, we determined an improved orbit of the comet, based upon which we derived that the comet is dynamically new and that its perihelion distance will further shrink due to the Galactic tide. We conclude the paper by comparing the known characteristics of the known ultradistant comets.