{"id":551098,"date":"2023-09-13T09:20:30","date_gmt":"2023-09-13T09:20:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=551098"},"modified":"2023-09-13T08:11:27","modified_gmt":"2023-09-13T08:11:27","slug":"nasdaq-ethereum-etfs","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/nasdaq-ethereum-etfs\/","title":{"rendered":"Why The NASDAQ\u2019s Latest Move Is Important For Fund Managers Filing Ethereum ETFs"},"content":{"rendered":"

Traditional financial institutions<\/span><\/a> that have filed <\/span>crypto ETF applications<\/span><\/a> have focused on a particular market (spot or futures). However, a recent <\/span>NASDAQ application<\/span><\/a> suggests that the asset manager Hashdex is taking a different approach, which could be a game changer in the Ethereum ETF race.\u00a0<\/span><\/p>\n

NASDAQ Proposes To List Ethereum ETF<\/h2>\n

According to the application filed with the <\/span>US Securities and Exchange Commission<\/span><\/a> (SEC), the stock exchange plans to list and trade shares of the <\/span>Hashdex<\/span><\/a> Nasdaq Ethereum ETF, which will be managed and controlled by Toroso Investments LLC.<\/span><\/p>\n

Interestingly, the fund will hold both Ether futures contracts and Spot Ether. This move from asset manager Hashdex is novel, considering that other asset managers have either applied to offer a <\/span>Spot Ether ETF<\/span><\/a> or <\/span>Ether futures ETF<\/span><\/a> or filed applications to offer both separately. However, Hashdex wants to offer a fund holding both Ether futures contracts and a Spot Ethereum ETF.<\/span><\/p>\n

Related Reading: Tron\u2019s Justin Sun Mulls Over Making A Move On FTX\u2019s Crypto Stash, Here\u2019s Why<\/a><\/div>\n

The fund’s sponsors believe that combining Ether Futures Contracts and Spot Ether will help mitigate the risk of market manipulation (a major concern of the SEC) and provide the market with a \u201cregulated product\u201d that tracks Ethereum\u2019s price. This fund will help US investors gain exposure to Spot Ether without relying on \u201cunregulated products, offshore regulated products, or indirect strategies such as investing in publicly traded companies that hold Ether.\u201d<\/span><\/p>\n

In fulfillment of the requirement of having a surveillance-sharing agreement (SSA) for the proposed ETF, Nasdaq stated in the application that the Chicago Mercantile Exchange (CME) will be used to track the price of Ethereum as the CME represents a \u201cregulated market of significant size.\u201d<\/span><\/p>\n

Furthermore, the fund is expected to hold physical Ether. However, the sponsors do not intend to purchase these tokens from \u201cunregulated ether spot exchanges\u201d but from the CME Market\u2019s Exchange for Physical (EFP) transactions.<\/span><\/p>\n

This move is similar to <\/span>Hashdex\u2019s application<\/span><\/a> to combine a spot Bitcoin ETF with its existing Bitcoin futures ETF. Hashdex, in its application, stated that the CME will be used to track Spot Bitcoin\u2019s price and that all Bitcoin purchases will be from the CME\u2019s EFP.<\/span><\/p>\n

\"Ethereum<\/p>\n

ETH kicks off Wednesday on a volatile note | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
Hashdex Throwing Other Asset Managers Under The Bus?<\/h2>\n
Nasdaq\u2019s application mentions the phrase \u201cunregulated spot exchanges\u201d multiple times in what seems to be a direct attack on <\/span>Coinbase<\/span><\/a> and the applications of other asset managers. It is worth mentioning some of the other asset managers, including <\/span>Ark Invest<\/span><\/a>, who have filed to offer an Ethereum-related ETF, have chosen Coinbase as their custodian.<\/span><\/p>\n
As such, Hashdex labeling Coinbase as an \u201cunregulated spot exchange\u201d doesn\u2019t seem right, as this could undoubtedly influence the SEC\u2019s decision when dealing with these applications.<\/span><\/p>\n
Related Reading: Analyst Points Out Why End Of 2023 Will Not Be Great For XRP Price<\/a><\/div>\n
Furthermore, asset managers like BlackRock picking Coinbase for their SSA and custodian had already sparked controversy as many had stated that the SEC would not be so inclined to approve an application in which Coinbase is directly or indirectly involved since it has an <\/span>ongoing lawsuit against the crypto exchange<\/span><\/a>.<\/span><\/p>\n
While many may commend <\/span>Hashdex\u2019s \u201cinnovative approach<\/span><\/a>,\u201d there is a need to be wary of how this approach could hinder the application of others and the eventual effect on the crypto industry in general.\u00a0\u00a0\u00a0<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Traditional financial institutions that have filed crypto ETF applications have focused on a particular market (spot or futures). However, a recent NASDAQ application suggests that the asset manager Hashdex is taking a different approach, which could be a game changer in the Ethereum ETF race.\u00a0 NASDAQ Proposes To List Ethereum ETF According to the application filed with the US Securities and Exchange Commission (SEC), the stock exchange plans to list and trade shares of the Hashdex Nasdaq Ethereum ETF, which will be managed and controlled by Toroso Investments LLC. Interestingly, the fund will hold both Ether futures contracts and Spot Ether. This move from asset manager Hashdex is novel, considering that other asset managers have either applied to offer a Spot Ether ETF or Ether futures ETF or filed applications to offer both separately. However, Hashdex wants to offer a fund holding both Ether futures contracts and a Spot Ethereum ETF. Related Reading: Tron\u2019s Justin Sun Mulls Over Making A Move On FTX\u2019s Crypto Stash, Here\u2019s Why The fund’s sponsors believe that combining Ether Futures Contracts and Spot Ether will help mitigate the risk of market manipulation (a major concern of the SEC) and provide the market with a \u201cregulated product\u201d that tracks Ethereum\u2019s price. This fund will help US investors gain exposure to Spot Ether without relying on \u201cunregulated products, offshore regulated products, or indirect strategies such as investing in publicly traded companies that hold Ether.\u201d In fulfillment of the requirement of having a surveillance-sharing agreement (SSA) for the proposed ETF, Nasdaq stated in the application that the Chicago Mercantile Exchange (CME) will be used to track the price of Ethereum as the CME represents a \u201cregulated market of significant size.\u201d Furthermore, the fund is expected to hold physical Ether. However, the sponsors do not intend to purchase these tokens from \u201cunregulated ether spot exchanges\u201d but from the CME Market\u2019s Exchange for Physical (EFP) transactions. This move is similar to Hashdex\u2019s application to combine a spot Bitcoin ETF with its existing Bitcoin futures ETF. Hashdex, in its application, stated that the CME will be used to track Spot Bitcoin\u2019s price and that all Bitcoin purchases will be from the CME\u2019s EFP. ETH kicks off Wednesday on a volatile note | Source: ETHUSD on Tradingview.com Hashdex Throwing Other Asset Managers Under The Bus? Nasdaq\u2019s application mentions the phrase \u201cunregulated spot exchanges\u201d multiple times in what seems to be a direct attack on Coinbase and the applications of other asset managers. It is worth mentioning some of the other asset managers, including Ark Invest, who have filed to offer an Ethereum-related ETF, have chosen Coinbase as their custodian. As such, Hashdex labeling Coinbase as an \u201cunregulated spot exchange\u201d doesn\u2019t seem right, as this could undoubtedly influence the SEC\u2019s decision when dealing with these applications. Related Reading: Analyst Points Out Why End Of 2023 Will Not Be Great For XRP Price Furthermore, asset managers like BlackRock picking Coinbase for their SSA and custodian had already sparked controversy as many had stated that the SEC would not be so inclined to approve an application in which Coinbase is directly or indirectly involved since it has an ongoing lawsuit against the crypto exchange. While many may commend Hashdex\u2019s \u201cinnovative approach,\u201d there is a need to be wary of how this approach could hinder the application of others and the eventual effect on the crypto industry in general.\u00a0\u00a0\u00a0 Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":551100,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[1944,89193,8379,16163,1946,10384,7931,87558,8686,78803,3110,89369],"class_list":["post-551098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-etf","tag-etf-news","tag-etfs","tag-eth-price","tag-ethereum","tag-ethereum-etf","tag-ethereum-news","tag-ethereum-performance","tag-ethusd","tag-ethusdt","tag-nasdaq","tag-nasdaq-news"],"acf":[],"yoast_head":"\nWhy The 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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