The US Securities and Exchange Commission (SEC) has made a significant move in the cryptocurrency market by approving a cryptocurrency exchange-traded fund (ETF). The ETF, called Hashdex Nasdaq Crypto Index US ETF, includes the two largest cryptocurrencies, Bitcoin and Ethereum, in its portfolio. The approval was confirmed after the regulator received a 19b-4 filing for the ETF. If all goes well, the product is estimated to be approved by March 2025.
Nate Geraci, an ETF specialist, highlighted the significance of this approval, stating that it is the first ETF product to combine Bitcoin and Ethereum. In a tweet, he mentioned that he would hold both Bitcoin and Ethereum, emphasizing the potential of this development.
In previous approvals, the SEC has approved 11 Bitcoin ETFs on January 11 and the 19b-4 forms of eight Ethereum spot ETF issuers on May 23. However, the S-1 filings for these ETFs are still pending approval from the SEC before they can begin trading.
In a recent development, the SEC has returned S-1 forms for potential Ethereum ETF issuers. This marks another step in the approval process, and the issuers must address specific comments before making a new submission on July 8th. The complexity of the approval process is evident, and further filings and reviews will be required before Ethereum ETFs can start trading.
It is important to note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
In other news, analysts predict a positive month ahead for Bitcoin and Ethereum, with a strong recovery expected for both cryptocurrencies. Additionally, there are forecasts suggesting a price spike for Ethereum in 2024.