Brazil-based cryptocurrency asset management platform, Hashdex We applied for approval for a dual ETF consisting of Bitcoin and TH, the world’s largest cryptocurrency. These developments Spot Ethereum ETF Competition There is a lot of excitement ahead of the official debut before the end of the year.
Bitcoin and Ethereum ETFs are combined in the Hashdex file.
June 18 X (formerly Twitter) post, Bloomberg analyst James Seyffart disclosed Hashdex’s recent 19b-4 filing for a combined Bitcoin and Ethereum ETF. Previously, on May 24, the cryptocurrency asset management company pulled back Apply for Spot Ethereum ETF. The withdrawal notice was posted a day after the SEC approved the ETH ETF application.
Hashdex is taking a new approach to the cryptocurrency ETF market. Dual Bitcoin and Ethereum ETF Submission, instead of traditional individual ETFs. If the U.S. Securities and Exchange Commission (SEC) approves Hashdex’s new ETF application, the cryptocurrency asset management company will become the first Spot Bitcoin and ETH ETF provider, according to Seyffart.
The Bloomberg analyst also stated that Hashdex’s dual cryptocurrency ETF will be a market-weighted asset class. This means that the ETFs are weighted based on the total market capitalization of the two ETFs. Ethereum and Bitcoin.
According to the filing, Bitcoin’s proportion in the combined ETF will account for 70.54%, while Ethereum will remain at 29.46%. Hashdex’s filing also revealed that other cryptocurrency assets could be added to the Bitcoin and Ethereum dual ETF. However, only assets that meet certain criteria and qualify for inclusion are incorporated.
Seifart too famous Hashdex already manages a cryptocurrency index ETF in Brazil. This ETF includes a variety of cryptocurrency assets, with Bitcoin and ETH making up 90% of its holdings. As a result, the asset management company’s application for a dual cryptocurrency ETF in the US is not surprising and effectively aligns with Hashdex’s strategic future goals.
Bloomberg analysts also revealed Hashdex plans to utilize at least two custodians for this purpose. Bitcoin and Ethereum ETF. The filings show that the company has begun plans to enter into a contract with: Coinbase Custody Trust CompanyLLC and BitGo Trust Company, Inc manage all of the Trust’s Bitcoin and Ethereum assets.
When will the Ethereum Spot ETF start trading?
A cryptocurrency analyst identified as ‘Crypto Capo’ on predicted Ethereum Spot ETF S-1 approval and official trading are expected to begin in the coming weeks. This forecast is consistent with that of a senior Bloomberg analyst. Eric Balchunas Who is the Ethereum spot ETF? debut Until July 2, 2024.
Although the U.S. SEC has approved Form 19b-4, 8 Spot ETH ETFsRegulators must approve the S-1 registration statement for the ETH ETF to begin trading. Gary GenslerThe SEC chairman said last week that S-1 approval is expected by the end of the summer.
Meanwhile, Seyffart said the SEC’s approval deadline for Hashdex’s combined Bitcoin and Ethereum ETF is scheduled for around the first week of March 2025.
Featured image created with Dall.E, chart from Tradingview.com