{"id":79844,"date":"2024-05-29T18:15:54","date_gmt":"2024-05-29T22:15:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79844"},"modified":"2024-05-29T18:15:57","modified_gmt":"2024-05-29T22:15:57","slug":"investment-manager-hashdex-withdraws-spot-ether-etf-application","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/investment-manager-hashdex-withdraws-spot-ether-etf-application\/","title":{"rendered":"Investment Manager Hashdex Withdraws spot Ether ETF Application"},"content":{"rendered":"\n

Hashdex has reportedly withdrawn its application for a spot Ether exchange-traded fund <\/a>(ETF), according to documents submitted to the US Securities and Exchange Commission (SEC).<\/p>\n\n\n\n

\"Investment
Investment Manager Hashdex Withdraws spot Ether ETF Application<\/figcaption><\/figure>\n\n\n\n

Hashdex withdrew its application for a proposed rule change that would have permitted the launch of its Hashdex Nasdaq Ethereum ETF, according to a filing dated May 28. The financial watchdog revoked the proposal on May 24, just one day after eight comparable financial products found approval.<\/p>\n\n\n\n

The rationale behind the decision remains undisclosed, as does the likelihood that Hashdex will resubmit its proposal.<\/p>\n\n\n\n

Hashdex, according to a source with knowledge of the application, “no longer intends to proceed with a single asset Ether ETF.”<\/p>\n\n\n\n

\"Hashdex's
Hashdex's notice of withdrawal. Source: U.S. SEC<\/figcaption><\/figure>\n\n\n\n

The SEC authorized the listing and trading of spot Ether ETFs on their respective exchanges on May 23 by approving the 19b-4 filings of VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. The anticipated launch date for the funds is June.<\/p>\n\n\n\n

In contrast to alternative contenders, Hashdex's application for a spot Ether ETF aimed to mitigate potential manipulation by combining spot Ether holdings with Ether futures contracts on the identical product.<\/p>\n\n\n\n

Other applicants, including Franklin Templeton<\/a>, ARK 21Shares, and Fidelity, have amended their filings late to exclude support for ETH staking in response to SEC feedback and concentrate solely on spot-based Ether ETFs.<\/p>\n\n\n\n

Hashdex's ETF also aimed to replicate daily fluctuations observed in the Nasdaq Ether Reference Price to allay regulatory apprehensions regarding market manipulation. The company's initial filing dated September 2023 states:<\/p>\n\n\n\n

\n

\u201cInstead of holding 100% spot Ether, which could make it more susceptible to price manipulation in the spot market, the Fund will hold a mix of Spot Ether, Ether Futures Contracts, and cash.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Hashdex is one of the issuers of Bitcoin spot ETFs that received approval in January. In the same way, the firm's Bitcoin fund implemented a strategy distinct from that of other asset managers. <\/p>\n\n\n\n

For example, Hashdex's Bitcoin ETF procured spot BTC from physical exchanges within the CME market\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> instead of relying on the Coinbase surveillance sharing agreement.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hashdex has reportedly withdrawn its application for a spot Ether exchange-traded fund (ETF), according to documents submitted to the US Securities and Exchange Commission (SEC). Hashdex withdrew its application for a proposed rule change that would have permitted the launch of its Hashdex Nasdaq Ethereum ETF, according to a filing dated May 28. The financial […]<\/p>\n","protected":false},"author":12,"featured_media":79847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[2041,17244,4288],"class_list":["post-79844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news","tag-hashdex","tag-spot-ether-etf","tag-us-sec"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/image-97.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79844","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79844"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79844\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79847"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}