Hashdex withdrew its proposal for a spot Ethereum ETF shortly after the SEC approved similar proposals from other issuers.
It is officially announced that Hashdex has dropped its proposal for a spot Ethereum exchange-traded fund. Just one week after the Securities and Exchange Commission (SEC) of the United States approved proposals that were nearly identical to those of eight other issuers, Hashdex announced its decision to withdraw.
Hashdex Withdraws Spot Ethereum ETF
On Tuesday, Nasdaq submitted the notice of withdrawal for the Hashdex Nasdaq Ethereum ETF, which indicated a change in the direction that the firm was heading.
The Securities and Exchange Commission (SEC) successfully approved 19b-4 forms for eight Ethereum exchange-traded funds (ETFs) from traditional players like VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust, leading to this decision.
Additionally, it is anticipated that the approved exchange-traded funds will bring about a new degree of openness and turnover in the Ethereum investment, which will most likely have an effect on the market.
In September, Hashdex submitted its initial application to the Securities and Exchange Commission (SEC), and the company intended to form a fund that would invest in cash equivalents, Ether futures contracts on the CME, and Ether itself.
Toroso Investments, a recognized commodities pool operator, was in charge of managing the exchange-traded fund (ETF), which had the objective of providing investors with a legal mechanism to get exposure to the price movements of Ethereum.