SEC Takes First Step on Hashdex’s Combined Bitcoin and Ethereum ETF

On Jul 2, 2024

The SEC’s receipt of Hashdex’s application is a key step toward potentially approving a combined Bitcoin and Ethereum ETF, impacting the crypto market.
Despite past rejections, the recent approval of spot Bitcoin and Ethereum ETFs suggests a favorable shift in the regulatory landscape for future crypto ETPs.

According to the recent update on Binance news, the US Securities and Exchange Commission (SEC) has confirmed receipt of the 19b-4 application from Hashdex Nasdaq Crypto Index US ETF, initially announced by Nate Geraci, President of The ETF Store, on his X account.

Adding to the facts, community members, including Collin Brown, also shared in his tweet that exciting times are ahead because it also includes spot Bitcoin and Ethereum, with an SEC decision expected by early March 2025.

Nate Geraci confirms the US SEC has received the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF, which includes spot #Bitcoin and #Ethereum. Would hold both spot btc and eth. SEC decision expected by early March 2025. Exciting times ahead! 🚀📈… pic.twitter.com/XbEqf1mgNm
— Collin Brown (@CollinBrownXRP) July 2, 2024

Furthermore, as described in today’s CNF YouTube video, Geraci’s announcement also indicates that the SEC is moving forward with the process of reviewing the application. In case of approval, this will be a significant development in the cryptocurrency market, especially for the two major cryptocurrencies, Bitcoin and Ethereum.

Even though the SEC’s receipt of the application does not guarantee its approval, reflecting on several past SEC rejection cases on applications for Bitcoin ETFs, it is worth noting that concerns about market manipulation and a lack of market surveillance remain, including the outcome of the Hashdex Nasdaq Crypto Index US ETF application.

As Nate Geraci, has highlighted, the ETF will be managed by Hashdex and administered by Tidal ETF Services LLC. This means that custody agreements will be with Coinbase Custody Trust Company and Bitcoin Trust. Overall, this filing is part of a broader trend, with the SEC recently approving spot Bitcoin and Ethereum ETFs, paving the way for other crypto Exchange-Traded Products (ETPs).

Reiterating a previous CNF report, the market has still been in mixed signal modes. While there is a decline in Bitcoin’s value, Ethereum is maintaining a slight upward trend. According to today’s CoinMarketCap data, Bitcoin (BTC) currently trades at $62,583.44, having surged by 3.09% in the past week, as shown in the price chart below.