SEC Postpones Hashdex Bitcoin-Ethereum ETF Ruling to September
The US Securities and Exchange Commission (SEC) has decided to delay its ruling on Hashdex’s Bitcoin-Ethereum ETF until the end of September, as per an announcement made on 9 August. The SEC stated that it required more time to thoroughly review the proposed rule change and the associated concerns, setting a new deadline for 30 September 2024.
Hashdex had initially withdrawn its Ethereum ETF application and subsequently filed for an ETF with both Bitcoin and Ethereum under the SEC’s review. This move positions Hashdex as the first crypto management firm to introduce an ETF holding both BTC and ETH in the American market.
The firm’s 19b-4 form, submitted with Nasdaq, outlined that the ETF would incorporate cash holdings, with Coinbase Custody and BitGo serving as the designated custodians. The ETF is designed to track the Nasdaq Crypto US Settlement Price Index (NCIUSS).
In a recent development, industry players like Grayscale, Bitwise, and Blackrock have submitted applications to list options on Ethereum ETFs. While the SEC greenlit Ethereum ETFs for exchange trading in July, it has yet to approve options trading on Bitcoin ETFs, which were initially listed back in January.
Since their launch, Ethereum ETFs have garnered $1.5 billion in net inflows, contrasting with Bitcoin ETFs boasting a total market capitalization of $71 billion. This disparity underscores the growing interest and investment appeal of Ethereum compared to Bitcoin within the ETF landscape.
Overall, the delay in the SEC’s decision on Hashdex’s Bitcoin-Ethereum ETF underscores the regulatory complexities and evolving dynamics within the crypto ETF space. As industry players navigate these regulatory nuances and market trends, the landscape of crypto ETF offerings continues to expand and diversify, reflecting the increasing investor appetite for digital assets.
