The U.S. Securities and Exchange Commission [SEC] has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF, signaling a new era in the evolution of the crypto ETF in the United States. Nate Geraci, president of The ETF Store, disclosed that the fund will hold both spot Bitcoin [BTC] and Ethereum [ETH].
The regulator’s acknowledgment of the filing kickstarts a critical countdown of the regulatory process. Geraci also revealed that the final deadline for the SEC on the application is expected to fall around the first week of March 2025. This timeframe allows the regulator to evaluate the proposal thoroughly considering the complexities and regulatory implications associated with launching such a fund to the market.
Nate Geraci, president of The ETF Store, said that the US SEC has confirmed receipt of the 19b-4 application for the Hashdex Nasdaq Crypto Index US ETF. The fund will hold both spot Bitcoin and Ethereum. The final deadline for SEC approval should be around the first week of March 2025
Meanwhile, the launch of Ethereum ETFs has been postponed by the SEC, dampening ETF expectations. Initially projected in early July, this abrupt decision was delayed by additional requests for reviews of the S-1 forms. Issuers now get an extended timeline till July 8 to resubmit their revised forms. This action potentially pushes the launch of Ethereum ETFs to mid-July or later.
SEC’s Crypto ETF Approval
In terms of Bitcoin, institutional backers continue to reinforce their faith in the dominant crypto as a mainstream investment. Recently, Global asset management firm BlackRock bought 43,000 shares of iShares BTC ETF for its Global Allocation Fund in the latest SEC filing.
Endorsing a crypto ETF by traditional financial institutions, allows mainstream investors to gain exposure to the digital asset. This could drive a substantial influx of investment and interest in the chain. By including spot BTC and ETH, the fund seeks to capitalize on the increasing interest in and adoption of these digital assets. This move could potentially offer a diversified and straightforward avenue for investors to participate in the cryptocurrency market through a regulated financial product.
