Hashdex Bitcoin and Ethereum ETF Approved by US SEC
Asset management firm Hashdex’s combined Bitcoin (BTC) and Ethereum (ETH) ETF has finally caught the attention of the United States Securities and Exchange Commission (SEC).
First Round of Comments on Hashdex ETF Application
The commission published a filing a few days ago acknowledging Hashdex’s interest in listing and trading a combined spot Bitcoin and Ethereum ETF.
As a result, the SEC stated that it issued the notice to receive public comments on the proposed rule change. It is noteworthy that the ETF, called the Hashdex Nasdaq Crypto Index US ETF, is designed to provide institutional investors with direct exposure to both Bitcoin and Ethereum. It will achieve this by bypassing the risks associated with these digital currencies.
Hashdex’s filing was highlighted by ETF Store President Nate Geraci. The company’s filing with the SEC stated that the proposed ETF would be managed and controlled by Hashdex but managed by Tidal ETF Services LLC. If the securities regulator approves the 19b-4 filing for a combined spot Bitcoin and Ethereum, Hashdex would also need approval for its S-1 filing.
The asset manager also plans to enter into a deal with Coinbase Custody Trust Company and Bitcoin Trust, which will act as custodians of the underlying BTC and ETH. If public comments are in favor of Hashdex’s combined spot Bitcoin and Ethereum ETF application, the SEC may still delay making a decision on the application.
However, the deadline for Commission approval is likely to be around March 2025.
US Market Sees Surge in Crypto ETPs
The recent activity in the US financial market and the recent filings by the SEC are proof that the Bitcoin ETF is paving the way for crypto products in the region. Since the beginning of this year when the US SEC approved Bitcoin ETFs, crypto enthusiasts have been talking about other possible Exchange Traded Products (ETPs).
Spot Ethereum ETFs were approved by the Commission on May 23, marking a major milestone for all digital assets referred to as “securities.” Shortly after, VanEck published its application for solana ETFs to track the price of Solana (SOL).
Notably, this is the first spot to file a Solana ETF application in the United States. 21Shares also joined VanEck in submitting its Solana ETF application before the end of Q2 2024. More crypto ETP applications, including XRP ETFs, are likely to emerge soon.
Read More: What Does the US Marshals Gain from Partnering with Coinbase?
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and integration of the emerging technology worldwide. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a sports and agriculture enthusiast. Follow him excitementLinkedIn
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