tl;dr
Hashdex has withdrawn its proposal for a spot Ethereum ETF, following the SEC's approval of similar proposals from eight other issuers. The withdrawal comes as Nasdaq filed the notice of withdrawal for the Hashdex Nasdaq Ethereum ETF, signaling a shift in the company’s direction. The approved ETFs a...
Hashdex has withdrawn its proposal for a spot Ethereum ETF, following the SEC's approval of similar proposals from eight other issuers. The withdrawal comes as Nasdaq filed the notice of withdrawal for the Hashdex Nasdaq Ethereum ETF, signaling a shift in the company’s direction.
The approved ETFs are expected to impact the market, providing a new level of openness and turnover for Ethereum investment. The SEC's acceptance of the eight other Ethereum ETFs indicates a shift in its position regarding Ethereum as a commodity, but the trading timeframe for these ETFs is yet to be determined.
Analysts anticipate that the market reaction to Ethereum ETFs may be less enthusiastic compared to Bitcoin ETFs, with predictions of trading commencing as early as July or August.
Hashdex’s initial filing with the SEC was made in September and it planned to launch a fund that will invest in Ether, Ether futures contracts on the CME, and cash equivalents. Managed by Toroso Investments, a registered commodity pool operator, the ETF aimed to offer investors a regulated pathway to gain exposure to Ethereum’s price movements.
Democratic Senators expressed their concerns and requested the SEC not to approve spot Ethereum ETFs. On the other hand, Republican Representatives French Hill of Arkansas, Tom Emmer of Minnesota, and Josh Gottheimer of New Jersey urged for approval in a letter.
However, while rejecting the Hashdex proposal, the SEC’s acceptance of the eight other Ethereum ETFs shows a shift in its position toward regard Ethereum as a commodity. However, their S-1 registration statements must be effective before these issuers can trade. Some analysts have estimated that these ETFs may take several weeks to start trading.
Bloomberg analyst Eric Balchunas has suggested that the market reaction to Ethereum ETFs will not be as enthusiastic as the reaction to Bitcoin ETFs. He initially predicted that Ethereum ETFs could trade only one-tenth of the volume of Bitcoin ETFs but has since adjusted the number to one-fifth.
Another Bloomberg ETF analyst, James Seyffart, predicts that trading may commence as early as July or August, given the timely approval of the S-1 documents.
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PayPal Holdings, Inc. is an American company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods like checks and money orders. The company operates as a payment processor for online vendors, auction sites, and many other commercial users, for which it charges a fee.
Industry: Trade & Services
Sector: Services-Business Services, NEC
Market Cap: $65.03 billion
PE Ratio: 15.54
Dividend Yield: None
Beta: 4
EPS: 28.0
Price/Book: 0.143
Shares Outstanding: 3.04 billion
Revenue: $30.43 billion
Net Income: $7.578 billion
Debt/Equity: 0.186
Current Ratio: 0.094