#Etf #Bitcoin #ETHEREUM #EthereumETF #ETHETFS NEW crypto ETFs in the USA: Bitcoin and Ethereum together in an INNOVATIVE product. OK request received from SEC! Bitcoin and Ethereum together in a single ETF: the first request for approval arrives. The world of crypto ETFs in the USA continues to grind out news: Hashdex has sent a request for approval for a new product which will have both Bitcoin, both Ethereum. Both assets will be effectively held - it is indeed a spot product - in a ratio of approximately 70/30.
Among other interesting innovations is the possibility that in the future the product will include other crypto assets, as the SEC goes on to approve other products that can be traded on regulated exchanges. It is a first step towards more structured products, which in reality in several cases we were waiting for and which marks another step for the maturity of crypto assets in relation to the most important financial markets. But let's see together how it will work and what steps will be necessary for the approval of this Hashdex ETF.
An ETF on Bitcoin and Ethereum, together
Bitcoin plus Ethereum: together within a single ETF. The request to SEC came from Hashdex, for a product which is therefore still in the first approval phase.
What it's about
Of an ETF intended for US stock exchanges: inside there will be real Bitcoin and Ether. And therefore they will function like the ETFs currently listed in the US on Bitcoin, but will have both assets, at least initially.
Who requested approval?
Hashdex, a sort of specialized manager, which however did not have great luck with the Bitcoin ETF and which withdrew from the race for Ethereum ETFs. In other words, he had made a request, but then decided not to continue with it. How will it work?
It will be a market cap weighted index, meaning Bitcoin and Ethereum will be held in relation to their market capitalization. According to what was sent, we will start with 70% allocated in Bitcoin and 30% allocated in Ethereum.
In the future also other assets
According to the ETF prospectus, there will be the possibility of adding other assets to this ETF in the future as other ETFs are approved for trading by the SEC (probably).
What kind of signal is it?
An expected signal, but an excellent signal nonetheless. More and more crypto-themed products will arrive, both in this version - which combines the two best-known assets - and in lesser-known assets in the crypto world.
Other products of this type will certainly follow, even from other, perhaps more well-known, managers. The usual approval process
It will still be the usual approval process, although there should be no problems as both assets already have an ETF in the US.
The form that was sent is the first, 19b-4. We will need approval on that and also on the S-1 form, which has not yet been sent for approval.$ETH $BTC