The SEC approves the first combined Bitcoin and Ethereum ETFs.
In a significant advance for the cryptocurrency market in the United States, the U.S. Securities and Exchange Commission (SEC) has approved the first exchange-traded funds (ETFs) that combine Bitcoin and Ethereum. These innovative financial products have been introduced by the managers Hashdex and Franklin Templeton, and their launch is scheduled for January.
Key details of the approved ETFs
The ETFs will be based on an index that reflects the market capitalizations of the two leading cryptocurrencies, with an approximate allocation of 80% for Bitcoin and 20% for Ethereum.
Hashdex's fund, known as Hashdex Nasdaq Crypto Index U.S. ETF, will trade under the ticker NCIQ, while Franklin Templeton's will operate under the ticker EZPZ. Both ETFs will have BitGo and Coinbase as primary custodians, ensuring the secure management of digital assets.
Approval process and similarities with previous ETFs
The SEC's decision came after a period of analysis that began when Hashdex and Franklin Templeton submitted their filings in July and August, respectively.
According to the regulatory body, these funds meet the already established requirements for other previously approved cryptocurrency ETFs, such as spot Bitcoin ETFs.
This regulatory consistency has been key to obtaining the green light in an area that has faced delays and scrutiny in the past.