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Hashdex Withdraws ETH ETF Application, BlackRock's S-1 Update Suggests Looming Debut

Hashdex withdrew its ETH ETF application one day after the SEC approved the products for other issuers but BlackRock's S-1 update could signal an incoming launch

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Ethereum ETFs have been approved by the United States Securities and Exchange Commission (SEC) but the journey is far from over.

Investment manager Hashdex has withdrawn its proposal for an Ethereum ETF with the regulator. Hashdex made the withdrawal on 24 May, the day after the SEC approved 19b-4 forms for eight Ethereum ETFs, excluding Hashdex.

In September, the Nasdaq filed with the SEC to list the Hashdex Nasdaq Ethereum ETF. The fund is managed by Toroso Investments, a registered commodity pool operator with the Commodity Futures Trading Commission (CFTC).

It is unclear why Hashdex withdrew its application but a source close to the firm said it"no longer plans to bring a single asset Ether ETF to the market.”

Meanwhile, BlackRock has updated its Ethereum ETF S-1 form with the SEC. The S-1 form is required by the SEC before a security can be publicly traded.

The SEC reportedly began asking ETH ETF issuers to update their S-1 registration forms last week.

Bloomberg ETF analyst James Seyffart suggested that the move signals that the issuers and the regulator are headed towards the launch of ETH ETFs.

Bloomberg ETF analyst Eric Balchunas concurred, describing BlackRock's update as a "good sign."

“Prob see rest roll in soon. Then prob one more round of fine-tune comments from Staff. End of June launch a legit possibility altho keeping my o/u date as July 4th,” Balchunas said.