Hashdex Files For First-Ever Combined Ethereum And Bitcoin ETF
18 Junio 2024 - 8:00PM
NEWSBTC
In a significant development within the cryptocurrency industry,
asset manager Hashdex recently submitted an application to the US
Securities and Exchange Commission (SEC) for a combined spot
Ethereum and Bitcoin ETF. Ethereum And Bitcoin ETF
Merge? Bloomberg ETF expert James Seyffart noted that
Hashdex’s proposed ETF would be market cap-weighted and could
potentially accommodate additional digital assets as they gain
approval from the SEC. Related Reading: Bitcoin Braces For
10-20% Crash, Top Analyst Cites 90% Chance Of Pullback Hashdex
already operates a successful crypto index ETF in Brazil, known as
HASH11, which primarily consists of Bitcoin and Ethereum, making it
a logical step to introduce a similar offering to the US market,
according to Seyffart. Notably, the filing with the SEC states that
Hashdex plans to use the services of at least two custodians,
Coinbase and BitGo, to ensure the safe storage of the underlying
assets. While spot Ethereum ETFs in the US are yet to receive
full approval from the SEC, Bloomberg analyst Eric Balchunas has
suggested an estimated launch date of July 2nd based on minor
feedback received by issuers. This development indicates that
the SEC’s review process for spot Ethereum ETFs is nearing
completion, setting the stage for potential market expansion and
increased investment opportunities. Hashdex’s decision to launch a
joint Ethereum and Bitcoin ETF aligns with their belief that as
cryptocurrencies gain mainstream acceptance, new assets will emerge
to disrupt the market share of Bitcoin and Ethereum. Crypto
Indices In a recent blog post analyzing the current state of the
market, the asset manager explained that by offering a diverse
basket of crypto assets through an index-based approach, Hashdex
aims to provide investors with exposure to the growth potential of
these alternative digital assets. The asset manager’s success in
Brazil, where crypto index ETFs have surpassed single-asset
products, underscores the benefits of diversification and regulated
ETF structures. Hashdex anticipates this trend to expand to
Europe and eventually the US, as “evolving regulations” and growing
demand from professional investors and wealth managers favor
diversified exposure. Related Reading: Bitcoin Price Drops Below
Critical Support Level Following Rejection At $70,000 Hashdex
believes that crypto indices offer several advantages for
investors, including risk mitigation, transparency,
standardization, and a time-tested methodology. The Hashdex blog
post further reads: The crypto market remains a complex
landscape prone to volatility, and this will not change any time
soon. Identifying individual winners and losers has always been a
challenge in traditional markets, and becomes even more so with an
emerging asset class like crypto. However, crypto indices offer a
standardized approach to capturing overall market performance,
serving as a guidepost in the ever-evolving digital asset
landscape. Ultimately, Hashdex’s filing for a joint Ethereum
and Bitcoin ETF signifies a pivotal moment in expanding the
accessibility of crypto investments. With the potential approval of
spot Ethereum ETFs and the increasing adoption of diversified
crypto index strategies, the stage is set for a brighter future for
investors seeking exposure to the digital asset space. As of this
writing, the largest cryptocurrency on the market, Bitcoin,
continues its downward trend, falling 3.3% in 24 hours, resulting
in a current trading price of $64,600. Featured image from
DALL-E, chart from TradingView.com
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