As a seasoned crypto investor with a decade of experience under my belt, I must say that the latest news regarding the SEC’s postponement of the Hashdex mixed crypto spot ETF decision has left me both intrigued and slightly frustrated. While it’s understandable that due diligence is crucial in these matters, the constant dance around approval dates can be exhausting.
Hashdex, a Brazilian asset manager, has had their decision on a dual crypto spot ETF delayed by the U.S. Securities and Exchange Commission (SEC). This is due to an important deadline approaching in the evaluation process for the proposed investment fund.
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SEC Calls For Time To Review Hashdex Mixed Crypto Spot ETF
On June 17th, the Nasdaq Stock Exchange submitted an application to the SEC proposing a modification to their rules, enabling them to list a unique Bitcoin and Ethereum ETF called the Hashdex Nasdaq Crypto Index US ETF. According to Bitcoinist, this two-in-one ETF, which marks a first in the industry, will allocate approximately 70.54% of its assets to Bitcoin, with the remaining 29.46% invested in Ethereum. The rest of the portfolio will hold cash for operational expenses.
Nevertheless, it’s important to note that the Hashdex mixed crypto spot ETF may include additional assets that fit certain standards and eligibility requirements. On the other hand, the American platform Coinbase and the cryptocurrency trust BitGo have been appointed as custodians for the assets held within this fund.
As a researcher adhering to the Securities Exchange Act guidelines, I understand that the Securities and Exchange Commission (SEC) is obligated to respond to applications regarding commodity-based trust shares within 45 days of filing. However, it’s important to note that this Act provides the Commission with the flexibility to extend the review period up to 90 days if necessary. Such a decision should ideally be made within the initial 45-day standard period.
Based on information from August 9th, the Securities and Exchange Commission (SEC) postponed their initial response regarding the Hashdex Nasdaq Crypto Index ETF. The SEC did not provide specific reasons for this delay, but they mentioned that they required more time to thoroughly evaluate all aspects of the proposed investment fund. As a result, the SEC is now anticipated to render a decision, either approval or rejection, by September 30th. This new deadline replaced the previous one, which was August 16th.
CBOE Resubmits Bitcoin ETF Application
Meanwhile, it’s been announced that the Chicago Board Options Exchange (CBOE) has re-filed its proposal for Bitcoin ETF options to the Securities and Exchange Commission (SEC).
Regarding this recent update, Bloomberg analyst James Seyffart pointed out that the new application submitted contains 29 additional pages compared to the previous one, which suggests that the exchange could have been discussing this matter with the Commission. Nevertheless, he emphasizes that the time aspect is still crucial since a delayed response from the SEC might push the approval date back to April 25th. However, if both parties are already in contact, this might not necessarily be the case.
A Bitcoin Exchange-Traded Fund (ETF) option is a type of financial instrument that grants investors the choice, but not the requirement, to either buy or sell shares of a Bitcoin ETF at a set price before a particular expiration time. These options are employed for safeguarding against price drops and speculating on price fluctuations in the Bitcoin market.
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2024-08-11 16:11