Hashdex withdrew its application for a spot Ether ETF on May 24, a day after the SEC gave eight similar financial products the green light.
Hashdex withdrew its application for a spot Ether exchange-traded fund on May 24, a day after the SEC gave eight similar financial products the green light.
Investment manager Hashdex has withdrawn its application for a spot Ether exchange-traded fund , according to documents filed with the United States Securities and Exchange Commission .its application for a proposed rule change that would allow the debut of its Hashdex Nasdaq Ethereum ETF. The proposal was taken down on May 24, just a day after eight similar financial products were approved by the financial watchdog.
There are no details on the reasons for the move or whether Hashdex will resubmit its proposal. Cointelegraph reached out to Hashdex but did not receive an immediate response.from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise—clearing the way for spot Ether ETFs to be listed and traded on their respective exchanges.
In addition, Hashdex’s ETF sought to mirror daily fluctuations in the Nasdaq Ether Reference Price to address regulatory concerns about market manipulation. According to its initial filing from September 2023: “Instead 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.”from other asset managers. For instance, Hashdex’s Bitcoin ETF did not depend on the Coinbase surveillance sharing agreement, opting instead to source spot BTC from physical exchanges within the CME market.
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