- The SEC has received an application for a new crypto index ETF from Hashdex, announced Nate Geraci, president of ETF Store.
- Hashdex, which already has a spot Bitcoin ETF, has filed for the “Hashdex Nasdaq Crypto Index US ETF.” The ETF is set to include both Bitcoin and Ethereum.
- According to Geraci, the SEC might approve the ETF by the early weeks of March 2025.
Hashdex files for a new crypto index ETF with the SEC, aiming for a potential approval by early 2025, which would include both Bitcoin and Ethereum.
Hashdex’s New Crypto Index ETF Application
Hashdex, already known for its existing spot Bitcoin ETF, has made headlines again with a fresh application to the SEC. This new initiative, dubbed the “Hashdex Nasdaq Crypto Index US ETF,” seeks to provide exposure to both Bitcoin and Ethereum in a single fund. The decision to include these leading cryptocurrencies reflects an evolving landscape where investors increasingly seek diversification within the digital asset space.
Potential Approval Timeline
Nate Geraci, through a Twitter announcement on July 1st, highlighted that the SEC’s potential approval date could be targeted for the first weeks of March 2025. This timeline, if adhered to, could have significant implications for the cryptocurrency market, potentially influencing both investor sentiment and market dynamics. The approval would mark a pivotal moment for Hashdex and further solidify its position within the cryptocurrency ETF landscape.
Historical Context: Hashdex’s Previous SEC Interactions
Hashdex has had a nuanced history with the SEC. Earlier, despite the regulatory body’s green light to other spot Ethereum ETFs, Hashdex did not receive approval for its Ethereum ETF during that round. The setback occurred because Nasdaq withdrew its application to list Hashdex’s Ethereum ETF on May 24th. This ETF aimed to invest in Ethereum, Ethereum futures contracts traded on CME, cash, and cash equivalents.
Strategic Shift to Combined Holdings
In a strategic pivot, Hashdex’s latest filing looks to integrate both Bitcoin and Ethereum into a singular fund. This approach aims to leverage the appeal of both cryptocurrencies, offering investors streamlined access to diversified digital assets. By consolidating investment in these major cryptocurrencies, Hashdex plans to meet the growing demand for more comprehensive and versatile crypto investment products. This move is particularly insightful as it aims to attract a broader investor base seeking efficient exposure to the top digital currencies without the need to navigate multiple funds.
Conclusion
The latest move by Hashdex to introduce a new crypto index ETF encompassing both Bitcoin and Ethereum marks a significant development in the cryptocurrency investment landscape. Should the SEC grant approval by early March 2025, it could enhance investor confidence and pave the way for broader adoption of cryptocurrency ETFs. The initiative demonstrates Hashdex’s adaptive strategy to navigate regulatory frameworks and align product offerings with market demand.
