The Securities and Exchange Commission (SEC) has approved the first spot exchange-traded funds that track both Bitcoin and Ethereum.
It has approved the Hashdex Nasdaq Crypto Index US ETF, which will be listed on Nasdaq, and the Franklin Crypto Index ETF, to be listed on the Cboe BZX Exchange, a regulatory filing on Thursday revealed.
Both ETFs will hold a combination of Bitcoin and Ethereum, allocated based on their market capitalizations, along with cash and cash equivalents.
The Franklin Crypto Index ETF received accelerated approval due to amendments aligning it with previous approvals for similar funds.
The SEC also noted that it had determined that the proposals comply with the Securities Exchange Act, including requirements to prevent fraud and manipulation and to protect investors.
The funds are expected to launch in January with an approximate 80% Bitcoin and 20% Ethereum split, according to Bloomberg’s senior ETF analyst Eric Balchunas.