The U.S. Securities and Exchange Commission (SEC) has approved Bitcoin and Ether index exchange-traded funds (ETFs) from Hashdex and Franklin Templeton.
Hashdex’s Nasdaq Crypto Index US ETF will trade on Nasdaq, while Franklin Templeton’s Crypto Index ETF will list on the Cboe BZX Exchange. Both ETFs will hold spot Bitcoin (BTC) and Ether (ETH), tracking indices like the Institutional Digital Asset Index and the Nasdaq Crypto US Settlement Price Index.
The SEC approved Franklin Templeton’s Dec. 18 filing on an “accelerated basis,” citing similarities with previously approved spot Bitcoin and Ether proposals. The agency stated that both ETFs met Exchange Act criteria, including rules to prevent fraud and protect investors.
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The Future Of Crypto Index
The move could trigger a wave of similar filings. Nate Geraci, president of The ETF Store, believes other firms like BlackRock may follow suit, predicting strong demand as financial advisers seek diversified exposure to emerging assets like crypto.
Franklin Templeton initially applied for its ETF in August, but the SEC delayed its decision. Following SEC feedback, Hashdex amended its proposal in November.
Meanwhile, NYSE Arca has shown interest in listing crypto ETFs, including one from Grayscale, which is holding a broader basket of spot crypto. U.S. regulators are still reviewing the proposal, potentially setting the stage for further expansion of crypto ETFs in traditional markets.