Hashdex files for a combined spot Bitcoin and Ethereum ETF, three weeks after withdrawing its Ethereum-only ETF application.
Hashdex, an asset manager, has submitted a 19b-4 filing for combined spot Bitcoin and Ethereum ETFs, three weeks after withdrawing its spot Ethereum ETF application.
Nate Geraci, the President of ETF Store, emphasized the filing news.
He provided a screenshot of the document that the Nasdaq stock exchange submitted to the United States Securities and Exchange Commission (SEC) on June 17.
The stock exchange is proposing to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF under Nasdaq Rule 5711(d), as indicated in the description that was added to the filing.
It is important to note that the proposed ETF will be administered by Tidal ETF Services LLC, while Hashdex will manage and govern it. This is after the SEC’s approval of the S-1 application.
Similar to numerous other spot crypto ETF issuers, Hashdex intends to establish an agreement with Coinbase Custody Trust Company and Bitcoin Trust to function as custodians for the underlying digital assets of the ETF.
This potential ETF is not distinguishable from either of the two singular ETFs that the U.S. SEC approved this year, except the fact that it is a combination of digital assets, specifically BTC and ETH.
It is intended to provide institutional investors and retail traders with investment exposure to Bitcoin and Ethereum through the public securities market, without the need to directly possess the cryptocurrencies.
This new development occurs just three weeks after Hashdex withdrew its spot Ethereum ETF application.
The withdrawal occurred only one week after the U.S. Securities and Exchange Commission (SEC) approved comparable proposals from eight additional issuers, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco, Galaxy, and BlackRock, in a plot twist.
Grayscale, an investment asset management firm, followed the same trajectory as Hashdex approximately one month ago.
The cryptocurrency industry was jolted by the company’s withdrawal of its application for the Ethereum Futures ETF.
Initially, the rationale for the decision was not disclosed, which led to speculation among analysts.
Grayscale was likely attempting to replicate the circumstances that resulted in the approval of their GBTC Bitcoin ETF, according to Bloomberg ETF Research Analyst James Seyffart.
