The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Hashdex’s proposed exchange-traded fund (ETF) that aims to directly hold spot Bitcoin and Ether. The SEC announced that it will extend its review period until September 30, 2024, according to a filing released on Friday.
The SEC stated that a longer review period is necessary to adequately consider the proposed rule change and the issues raised. Hashdex submitted its registration statement, or S-1, on July 24 for the ETF, named the Hashdex Nasdaq Crypto Index US ETF. This fund would initially hold Bitcoin and Ether, with the potential to include additional assets if regulatory conditions allow.
Hashdex’s filing noted that if other crypto assets become eligible for inclusion in the Index, the fund would adopt a sample replication strategy, maintaining only Bitcoin and Ether in the proportions determined by the Index. Should the Trust wish to transition back to a full replication strategy, a new rule filing under Rule 19b-4 of the Exchange Act would be required to amend the listing rules.
The Hashdex Nasdaq Crypto Index US ETF is set to list and trade on Nasdaq and follows the Nasdaq Crypto Index US methodology. Nasdaq submitted a Form 19b-4 for the fund in June.
