As a researcher with a background in finance and experience following the crypto market closely, I find this latest development from Hashdex intriguing. Only three weeks after withdrawing its spot Ethereum ETF application, the asset manager has now filed for a combined Bitcoin and Ethereum ETF. This new filing, if approved by the SEC, would offer investors exposure to both digital assets via the public securities market.
As a crypto investor, I’ve noticed that Hashdex, an asset manager, recently withdrew their application for a spot Ethereum ETF three weeks ago. However, they have now taken a new step by submitting a 19b-4 filing for combined spot Bitcoin and Ethereum ETFs instead. This means they are seeking regulatory approval to manage a fund that will invest in both Bitcoin and Ethereum in their respective spots markets.
Hashdex Triggers New Wave of ETF Applications
The news of the filing was highlighted by Nate Geraci, the President of ETF Store.
There it is…
19b-4 filing for *combined* spot btc & eth ETF.
Hashdex Nasdaq Crypto Index US ETF.
h/t @strack_ben
— Nate Geraci (@NateGeraci) June 18, 2024
The Nasdaq exchange recently submitted a document to the SEC, which included a screenshot. This proposed listing aims to allow trading of Hashdex Nasdaq Crypto Index US ETF shares on Nasdaq, as mentioned in the filing description.
Significantly, Hashdex will oversee and direct the operations of the proposed ETF, while Tidal ETF Services LLC will handle its administration. This step comes after the Securities and Exchange Commission (SEC) grants its approval upon reviewing the S-1 application. Similar to numerous other spot crypto ETF providers, Hashdex intends to forge alliances with Coinbase Custody Trust Company and Bitcoin Trust to securely hold the digital assets that underpin the ETF.
This proposed ETF, which comprises both Bitcoin and Ethereum, isn’t fundamentally distinct from the two individual ETFs approved by the US SEC this year. Its objective is to grant institutional investors and individual traders access to Bitcoin and Ethereum markets through publicly traded securities, without the need for direct ownership of these cryptocurrencies.
The deadline for the Commission’s approval is likely around March 2025.
Hashdex And Grayscale Withdraw Spot Ethereum ETF Applications
Three weeks ago, Hashdex surprised many by withdrawing its Ethereum ETF application with the Securities and Exchange Commission (SEC). However, an unexpected turn of events occurred just a week later when the SEC approved ETF proposals from no less than eight other applicants, among them VanEck, Fidelity, Franklin Templeton, Grayscale, Bitwise Asset Management, ARK Investment Management, Invesco, and Galaxy Digital and BlackRock.
Approximately a month ago, Grayscale Investment Asset Management joined Hashdex in making a surprising move within the crypto sphere. Grayscale announced its withdrawal of the Ethereum Futures ETF application, sending ripples through the industry. At first, the reasoning behind this decision remained undisclosed, leading to various theories from analysts.
As a crypto investor following market news closely, I’ve come across an intriguing perspective from James Seyffart, Bloomberg ETF Research Analyst. He suggests that Grayscale, in its recent moves, was attempting to recreate the conditions that previously resulted in regulatory approval for their GBTC Bitcoin ETF.
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2024-06-18 19:10