- Hashdex cancels spot Ethereum ETF after SEC approves eight similar proposals.
- SEC green-lights 19b-4 applications for Ethereum ETFs from established entities.
- Hashdex’s initial SEC submission included Ether, futures contracts, and liquid assets.
Hashdex has officially decided to cancel its plans for a spot Ethereum ETF. This move occurred just a week after the U.S. Securities and Exchange Commission (SEC) gave the green light to similar proposals from eight other providers.
On Tuesday, Nasdaq disclosed Hashdex’s shift in direction by retracting its proposal for the Hashdex Nasdaq Ethereum ETF. This came on the heels of the SEC’s green-lighting of 19b-4 applications for eight Ethereum ETFs from established entities. The market might experience shifts due to the approved ETFs introducing a new level of transparency and activity to Ethereum
Additionally, in September, Hashdex made its initial SEC submission, detailing its intention to create a fund that would hold Ether, Ether futures contracts traded on the CME, and other highly liquid assets. Toroso Investments, an authorized commodities pool operator, was set to oversee the ETF to offer investors a regulated means to capitalize on Ethereum price movements.
Timeline for Trading Start
Before the 19b-4 applications were sanctioned, the proposed ETF was the subject of various public remarks, including those from legislators. Democratic senators opposed spotting Ethereum ETFs and pressed the SEC to dismiss them. Conversely, a letter from Republican representatives French Hill (Ark.), Tom Emmer (Minn.), and Josh Gottheimer (N.J.) argued in favor of approval.
The SEC’s authorization of eight additional Ethereum ETFs indicates a shift in its approach to viewing Ethereum as a commodity. Nevertheless, before these entities can begin trading, their S-1 registration statements must be approved. While the exact timeline for approval remains uncertain, the SEC has initiated discussions with the issuers regarding their S-1 documents. Some industry observers suggest these ETFs may take a few weeks to begin trading.
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