The US Securities and Exchange Commission (SEC) has accepted the form of the 19b-4 application from Hashdex Nasdaq Crypto Index US ETF for review, according to a tweet by Nate Geraci, President of The ETF Store, and the host of the ETF Prime podcast.
Once approved, the Hashdex Nasdaq Crypto Index US ETF will hold two of the largest cryptocurrencies by market cap, Bitcoin and Ethereum. The approval of this form will trigger a significant upswing in the crypto market, similar to the rallies observed following previous Bitcoin spot ETF and Ethereum spot ETF approvals.
Hashdex and Nasdaq had to submit the 19b-4 filing as it is mandatory for any entity seeking to list any ETF in the United States. While the SEC receipt of the filing does not guarantee automatic approval, it is still a positive sign and a step towards the approval of the ETF.
Hashdex and Nasdaq File 19b-4 Filing for Crypto Index US ETF
On June 18, the crypto investment company, Hashdex and the New York-based stock exchange company, Nasdaq proposed for the spot ETF that would hold both Bitcoin and Ethereum, a first of its kind.
Through a Form 19b-4 filing, the two firms revealed their objective to launch the Hashdex Nasdaq Crypto Index US ETF. The application is pending SEC approval, with an expected deadline of March 2025.
If approved, the ETF will also hold cash, along with BTC and ETH, and will be stored on Coinbase Custody Trust Company and BitGo Trust Company.
US SEC Approves Bitcoin and Ethereum Spot ETF
Although the Hashdex Nasdaq Crypto Index US ETF is a pioneering product in holding both Bitcoin and Ethereum, it is not the only spot ETF offering in the market.
Earlier this year, the US SEC Approved the first Bitcoin ETF in the US. Later on, the SEC of Thailand approved the application of One Asset Management (ONEAM) to launch the ONE Bitcoin ETF Fund of Funds Unhedged and not for Retail Investors (ONE-BTCETFOF-UI).
Thus, Thailand became the first Southeast Asian country to approve a spot Bitcoin exchange-traded fund (ETF).
The US SEC in May, also authorized the applications from Nasdaq, CBOE, and NYSE to approve Ethereum spot ETFs.
