Exciting Development in the Crypto Industry: Hashdex Applies for Combined Bitcoin and Ethereum ETFs Approval
Hashdex, a cryptocurrency asset management platform based in Brazil, has recently submitted an application for the approval of a dual exchange-traded fund (ETF) that includes the two largest cryptocurrencies in the world—Bitcoin and Ethereum. This move comes at a time when the competition for the first official Spot Ethereum ETF is heating up, with expectations of its launch before the end of the year.
Hashdex’s Groundbreaking Initiative
• Bloomberg analyst James Seyffart shared the news of Hashdex’s 19b-4 filing for a combined Bitcoin and Ethereum ETF in a recent social media post
• On May 24, Hashdex withdrew its application for the Spot Ethereum ETF following the SEC’s approval of other ETH ETF applications
• Hashdex aims to offer a market-weighted dual crypto ETF, with the combined ETF’s composition being based on the total market capitalization of Ethereum and Bitcoin
• The filing specifies a 70.54% allocation for Bitcoin and a 29.46% allocation for Ethereum within the dual ETF
• Hashdex may consider adding additional cryptocurrencies to the ETF, subject to specific criteria and eligibility requirements
Strategic Management Decisions
• Hashdex has been managing a crypto index ETF in Brazil, where Bitcoin and Ethereum make up 90% of the portfolio
• The company plans to engage two custodians, Coinbase Custody Trust Company, LLC, and BitGo Trust Company, Inc., to secure the Bitcoin and Ethereum assets for the new ETF
• By expanding its operations to the United States, Hashdex is strategically aligning with its long-term objectives and growth plans
A Glimpse into the Future
• Analysts predict that Ethereum Spot ETFs will receive approval for S-1 forms and commence trading in the coming weeks
• The anticipated launch date for Ethereum Spot ETFs aligns with projections from industry experts, hinting at a potential debut by July 2024
• While the SEC has approved eight Spot ETH ETFs, official trading will only commence after the regulator reviews and approves the S-1 registration statements
• According to SEC Chairman Gary Gensler, S-1 approvals are likely to occur towards the end of summer, paving the way for ETH ETF trading
Hashdex’s ETF Approval Timeline
• The deadline for the SEC’s decision on Hashdex’s combined Bitcoin and Ethereum ETF approval is expected in the first week of March 2025, providing a clear timeline for investors and industry watchers
Hot Take: Innovation in the Crypto Space
As the crypto market evolves, innovative initiatives such as Hashdex’s dual Bitcoin and Ethereum ETF application showcase the industry’s dynamic nature and forward-thinking approach. Stay tuned for further developments and exciting opportunities in the crypto asset management landscape. Exciting times lie ahead for crypto enthusiasts and investors alike!
By
By
By
By
By