After multiple delays in the review process since June this year, the U.S. Securities and Exchange Commission (SEC) has finally approved the first batch of spot exchange-traded funds (ETFs) that combine Bit and ETH.
According to the document released on Thursday, the SEC has authorized the listing of Hashdex's "Hashdex Nasdaq Crypto Index US ETF" on the Nasdaq exchange, and authorized the listing of Franklin Templeton's "Franklin Crypto Index ETF" on the Cboe BZX exchange. The document shows that the proportion of Bit and ETH held by these two cryptocurrency index funds will be calculated based on free-float market capitalization.
Bloomberg senior ETF analyst Eric Balchunas expects these funds to be launched in January next year, with a Bit and ETH allocation ratio of approximately 80% and 20%, reflecting the current market capitalization.
One of the key factors considered by the SEC in the approval process was the surveillance-sharing agreement, which is an agreement between exchanges to share trade data and critical market information to help detect and prevent cross-market fraud and manipulation.
ETF Store president Nate Geraci commented on X that investment advisors like diversified allocations, especially in emerging asset classes like cryptocurrencies, "I expect these products will see meaningful demand." He also pointed out that it is worth watching whether other cryptocurrency ETF issuers will follow suit and launch similar products.
