Crypto NewsEthereumUnexpected Development: An Ethereum ETF Applicant Withdraws Its Application - Here's Why

Unexpected Development: An Ethereum ETF Applicant Withdraws Its Application – Here’s Why

According to notifications made to the SEC, a company that applied for Ethereum Spot ETF withdrew its application.

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Hashdex's bid to list and trade shares of the Nasdaq Ethereum ETF has been withdrawn, according to a filing earlier this week.

Notably, Nasdaq issued a withdrawal notice on Tuesday, just a week after the U.S. Securities and Exchange Commission (SEC) approved forms 19b-4 for eight Ethereum ETFs, excluding Hashdex. “On May 24, 2024, the Exchange withdrew the proposed rule change,” the filing said.

Hashdex Ethereum Spot ETF was not among the 8 Ethereum Spot ETFs approved by the SEC.

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The Nasdaq exchange filed with the SEC in September to list the Hashdex Nasdaq Ethereum ETF. The fund, managed and controlled by Toroso Investments, is registered with the Commodity Futures Trading Commission as a commodity pool operator and is a member of the National Futures Association. In addition to ETH, the fund planned to invest in CME-listed Ethereum futures contracts, cash and cash equivalents.

In other words, the Hashdex Ethereum ETF had a different structure than other ETFs that would invest only in ETH, and this may have caused the application to be withdrawn after negotiations with the SEC.

Over the past few months, the proposed fund has received numerous public comments, including from councillors.

*This is not investment advice.

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