Brazil-based cryptocurrency asset management platform, hashdex has requested approval of a dual ETF, composed of bitcoin and TH, the largest cryptocurrencies in the world. This development occurs as ethereum/analyst-predicts-ethereum-spot-etfs-to-attract-25-of-btc-demand-heres-why/” rel=”nofollow noopener” target=”_blank”>Spot ethereum ETF Race It is heating up waiting for an official debut before the end of the year.
Hashdex Files Combine bitcoin and ethereum ETFs
On June 18th x (formerly twitter) x.com/jseyff/status/1803084483995820443?s=46″ rel=”nofollow” target=”_blank”>mail, Bloomberg analyst James Seyffart revealed Hashdex's recent 19b-4 filing for a combined bitcoin and ethereum ETF. Previously, on May 24, the crypto asset management company retired its Spot ethereum ETF application, publishing its withdrawal notice a day after the SEC approved eth ETF applications.
Hashdex is taking a new approach to the cryptocurrency ETF market, choosing bitcoin-news/hashdex-files-for-first-ever-combined-ethereum-and-bitcoin-etf/” rel=”nofollow noopener” target=”_blank”>introduce a dual bitcoin and ethereum ETF, rather than the conventional individual ETF. According to Seyffart, if the United States Securities and Exchange Commission (SEC) approves Hashdex's new ETF application, then the crypto asset management company will be the first bitcoin and eth spot ETF provider.
The Bloomberg analyst has also revealed that the Hashdex Dual crypto ETF will be a market-weighted asset. This means that the ETF will be weighted based on the total market capitalization of both. bitcoin-and-ethereum-are-the-only-game-in-town-but-rife-with-opportunities/” rel=”nofollow noopener” target=”_blank”>ethereum and bitcoin.
In the filing, bitcoin's percentage within the combined ETF will represent 70.54%, while ethereum will remain at 29.46%. Hashdex's filing also revealed that other crypto assets can be added to its dual bitcoin and ethereum ETF. However, only assets that meet certain criteria and are eligible for inclusion will be incorporated.
Seyffart too x.com/jseyff/status/1803087413088043124?s=46″ rel=”nofollow” target=”_blank”>noted that Hashdex already manages a crypto index ETF in Brazil. This ETF includes a wide range of crypto assets, with bitcoin and eth accounting for 90% of its holdings. As a result, the asset management company's request for a dual crypto ETF in the United States comes as no surprise and effectively aligns with Hashdex's future strategic goals.
The Bloomberg analyst has also x.com/jseyff/status/1803089317918556459?s=46″ rel=”nofollow” target=”_blank”>revealed that Hashdex will use at least two custodians for its bitcoin–ethereum-etfs-approved-hong-kong/” rel=”nofollow noopener” target=”_blank”>bitcoin and ethereum ETFs. The filing revealed that the company has initiated plans to enter into an agreement with Coinbase Custodial Trust CompanyLLC and BitGo Trust Company, Inc will maintain custody of all bitcoin and ethereum assets of the trust.
When will ethereum spot ETFs start trading?
A crypto analyst identified as 'crypto Capo' on x has x.com/cryptocapo_/status/1803121842443411593?s=46″ rel=”nofollow” target=”_blank”>foretold that official approval and trading of ethereum Spot S-1 ETFs will begin in the coming weeks. This prediction aligns with that of senior Bloomberg analyst, Eric Balchunas Who has predicted that ethereum spot ETFs make your debut before July 2, 2024.
While the US SEC has approved Forms 19b-4 of eight eth spot ETFsthe regulator still needs to approve S-1 registration statements to begin eth ETF trading. Gary GenslerSEC Chairman revealed last week that S-1 approvals would likely arrive by late summer.
Meanwhile, Seyffart has revealed that the deadline for SEC approval of Hashdex's combined bitcoin and ethereum ETF is scheduled for the first week of March 2025.
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