Nikolas Sargeant
The Securities and Exchange Commission (SEC) has approved two new Bitcoin and Ethereum index ETFs, expanding institutional access to both of the leading cryptocurrencies. Franklin Templeton and Hashdex have each received the green light to launch their respective funds, which will offer investors exposure to both Bitcoin (BTC) and Ethereum (ETH) in a single product.
The Franklin Templeton Crypto Index ETF will trade on the Cboe BZX Exchange, while Hashdex’s Nasdaq Crypto Index US ETF will be available on the Nasdaq stock market.
The SEC also recently approved the listing of crypto wallet maker Exodus on the NYSE, leading to a surge in its estimated value.
Previous Attempts to List Dual Bitcoin-Ethereum ETFs
The approval marks a significant milestone after several months of regulatory scrutiny. Franklin Templeton first filed its S-1 application for the Bitcoin-Ethereum index ETF in August, followed by Hashdex in October, with an amended filing in November. The SEC delayed its decision on both filings, citing concerns over investor protection and market manipulation, but ultimately approved the funds, concluding that the issuers met the Exchange Act’s requirements.
This approval could pave the way for more such ETFs, with analysts speculating that other large asset managers, like BlackRock, may soon introduce similar products to meet anticipated demand. Additionally, Bitwise and Grayscale have applications pending for their own crypto index ETFs, potentially signaling a broader trend of institutional adoption of crypto assets.
