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BlockNews
Home BREAKING NEWS

SEC Postpones Verdict on Hashdex Ethereum ETF to 2024

BlockNews.com Team by BlockNews.com Team
November 17, 2023
in BREAKING NEWS, CRYPTO, INVESTING
Reading Time: 2 mins read
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  • The SEC has delayed its decision on approving the Hashdex Nasdaq Ethereum ETF, which aims to hold a mix of spot ether and futures contracts.
  • The SEC has approved ether futures ETFs before but not a spot ether ETF. Firms like Grayscale have recently applied for spot ether ETFs as bitcoin ETF applications wait.
  • The SEC said it needs more time and will make a decision by January 1, 2024 on whether to approve, disapprove, or institute proceedings to disapprove the Hashdex ETF.

The Securities and Exchange Commission (SEC) has delayed its decision on whether to approve the Hashdex Nasdaq Ethereum ETF. The ETF aims to hold both spot ether and futures contracts.

Background on the ETF Application

The Nasdaq stock exchange filed with the SEC to list the Hashdex Nasdaq Ethereum ETF back in September. The fund is managed by Toroso Investments.

Instead of holding 100% spot ether, which could make it more susceptible to price manipulation, the fund will hold a mix of spot ether, ether futures contracts, and cash, Nasdaq said.

🚨 NEWS: 🇺🇸 SEC delays decision on Hashdex Nasdaq Ethereum ETF until January 2024.

This decision also affects a Hashdex #Bitcoin futures ETF application. pic.twitter.com/SIxapEYMBd

— BlockNews.com (@blocknewsdotcom) November 17, 2023

The SEC’s History with Ether ETFs

The SEC has approved ether futures-based ETFs before, but not a spot ether ETF or a mixed one. Last month, nine futures-based products were approved at the same time, marking their debut.

Firms have recently made a push for spot ether ETFs, including Grayscale and BlackRock filing applications. This comes as multiple firms wait to see if a spot bitcoin ETF will be approved by the SEC.

The SEC’s Decision

The SEC said it needed more time to review the proposed rule change for the Hashdex ETF. It will make a decision by January 1, 2024 on whether to approve, disapprove, or institute proceedings to disapprove the ETF.

On Thursday, the agency also delayed a decision on converting a Hashdex bitcoin futures ETF application.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: ethereumHashdexsec
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BlockNews.com Team

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