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Crypto asset management firm Hashdex has put forward a proposal to create an exchange-traded fund (ETF) that would directly hold both… Bitcoin And Ethereum.
The New York-based Nasdaq exchange unveiled the proposal on June 18 via Form 19b-4, which describes the companies’ intent to create the Hashdex Nasdaq Crypto Index US ETF. The filing does not indicate the percentage of holdings.
This is the first proposal for an exchange-traded fund (ETF) that aims to give investors combined exposure to each of the largest cryptocurrencies. The deadline for SEC approval is set for March 2025.
James Seyfart, Bloomberg ETF analyst, commented on the announcement:
“The dual Ethereum and Bitcoin ETF from @hashdex just dropped. Market cap will be weighted. This should come as a surprise to no one, it makes a lot of sense.
This proposal comes after approval by the Securities and Exchange Commission Spot Bitcoin ETFs Earlier this year and its recent approval of Forms 19b-4 for Several spot ETFs. The SEC still needs to approve registration statement forms for Ethereum products as part of the process Two-step approval process.
Hashdex has chosen not to pursue a standalone spot ETF at this time, unlike other companies e.g Black stone And devotionwhich also received SEC approval for its 19b-4 forms.
According to Form 19b-4, the Hashdex Nasdaq Crypto Index US ETF will also hold the cash. If the ETF is launched, Coinbase Custody Trust Company and BitGo Trust Company are set to serve as custodians.
The Hashdex file also indicates that it will not invest in any spot cryptocurrencies other than Bitcoin and Ether. According to the filing:
“The Fund will not invest in crypto securities, token assets or stablecoins.”
However, the form contains language allowing other digital assets to be listed if approved by the SEC. It states:
“The Fund may invest in additional digital assets if such assets are determined to be consistent with the Fund’s investment objectives and if such assets are approved for listing by the Securities and Exchange Commission.”
