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SEC Greenlights First Spot Bitcoin-Ethereum ETF
Gamza Khanzadaev
Breaking New Ground, SEC Recognizes Hashdex’s Fundamental Application for Bitcoin-Ethereum ETF
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As is already known, the SEC has recognized receipt of 19b-4 filing for the Hashdex Nasdaq Crypto Index US ETF. If approved by early March 2025, it will specifically include both Bitcoin and Ethereum in his wallet.
The term “19b-4” refers to a specific rule under the Securities Exchange Act of 1934 that outlines the process for reviewing and approving applications for certain types of ETFs. In simple terms, it establishes the formal process and requirements for filing ETF applications, ensuring compliance with regulatory standards and facilitating the SEC’s evaluation process.
Hashdex, known for its previous attempt at spot Ethereum ETFswithdrew its proposal in a competitive environment. Now, the fund is switching to a combined Bitcoin-Ethereum approach, allocating 70.54% to BTC and 29.46% to ETHTo ensure the safe custody of these assets, Hashdex plans to partner with Coinbase Custody Trust Company and Bitcoin Trust.
Smart move by Hashdex?
The move follows Hashdex’s strategic move in response to market dynamics, where an oversaturation of Ethereum-focused products has prompted a shift to a broader cryptocurrency investment strategy. Public sentiment on the ETF concept would influence the SEC’s final decision, which could lead to further delays despite the initial positive reception.
Investors would do well to keep a close eye on this development, seeing it as a potential milestone in bridging traditional financial markets and the cryptocurrency space.
As “the clock is ticking” on SEC decisions, industry experts like Nate Geraci predict increased interest and scrutiny ahead of the anticipated approval date.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated with a degree in finance and credit with a focus on securities and financial derivatives. He then completed a master’s degree in banking and asset management.
He wants to contribute to the discussion of economic and fintech topics, as well as inform more people about cryptocurrencies and blockchain.