Three weeks after withdrawing its application for a spot Ethereum ETF, asset manager Hashdex has made a new move by filing a 19b-4 application for combined spot Bitcoin and Ethereum ETFs. Nate Geraci, President of ETF Store, highlighted this development, sharing a screenshot of the submission to the SEC by Nasdaq on June 17.
The ETF, named Hashdex Nasdaq Crypto Index US ETF, is planned to be listed under Nasdaq Rule 5711(d) and managed by Hashdex while administered by Tidal ETF Services LLC, pending SEC approval through an S-1 application process.
Similar to other spot crypto ETF proposals, Hashdex intends to collaborate with Coinbase Custody Trust Company and Bitcoin Trust for custody of the ETF’s digital assets.Â
This ETF, focusing on BTC and ETH, aims to provide investment exposure to these cryptocurrencies via public securities, catering to both institutional investors and retail traders without the need for direct cryptocurrency ownership.
Interestingly, Hashdex’s move follows its recent withdrawal of the spot Ethereum ETF application, which occurred shortly after the SEC approved similar proposals from eight other issuers, including VanEck, Fidelity, Grayscale, and others.
Grayscale, in particular, withdrew its Ethereum Futures ETF application around the same time, a decision speculated to align with strategies aimed at replicating the success of their Bitcoin ETF approval.
The dynamics surrounding these ETF applications underscore the evolving regulatory landscape and competitive strategies within the crypto investment space. With deadlines potentially set for SEC approval by March 2025, these developments reflect ongoing efforts by asset managers to navigate regulatory hurdles and capitalize on growing investor interest in cryptocurrency investments via traditional financial markets.
In summary, Hashdex’s pivot from spot Ethereum ETF to combined BTC and ETH ETFs signifies strategic adaptation amidst regulatory shifts, aiming to secure approval for innovative investment products tailored to meet diverse investor demands in the evolving crypto market landscape.
Also Read: Bloomberg Analyst Updates Spot Ethereum ETF Launch Date
