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Hashdex has proposed creating a Bitcoin and Ethereum mutual fund (exchange-traded fund) with fund manager VanEck saying that hedge funds are already ahead of the expected launch of ETH ETF products.
Hasdex’s proposed ETF was created through a June 18 filing with the U.S. Securities and Exchange Commission (SEC). It will be listed on the Nasdaq, and will balance crypto assets according to their market capitalization, it said in the filing.
The asset manager’s passive investment strategy will then track daily market movements on the US Nasdaq Crypto Settlement Price Index without trying to “beat” it.
The Hashdex Bitcoin and ETH ETF will not invest in anything other than BTC and ETH
The Asset Manager’s ETF will not invest in any other assets in the spot market besides this Ethereum And BTC, he said. Meanwhile, Coinbase and BitGo will act as custodians of the fund’s assets. There will also be separate accounts for shareholders.
@hashdex It already has a cryptocurrency index ETF traded in Brazil. These are the assets currently held and their weights in the fund. 90% of it is Bitcoin and Ethereum. pic.twitter.com/5yRCDsfUs0
– James Seyff (@JSeyff) June 18, 2024
Applying for a cryptocurrency ETF “makes a lot of sense,” James Seyphart, a Bloomberg ETF analyst, said in a statement on June 18. mail On X.
The final deadline for SEC approval of the ETF is expected to be around the first week of March 2025, according to the analyst.
Hashdex already has a similar index fund trading in Brazil. This fund contains nine coins, but BTC and ETH account for the lion’s share of the ETF’s allocation, totaling 92%.
Institutions begin preparations to launch ETH ETF
As Hashdex attempts to launch an ETF in the US, financial institutions are “already at the forefront of ETH ETF approvals.” Matthew Siegel, head of digital asset research at VanEck, said in a post on X.
Hedge funds are the ones who manage #Ether ETF Approvals, ETH on Exchanges Near All-Time Lows, Fundamentals Are Improving
I could be eating a BBQ HODL by the 4th of July.
And were you bearish? https://t.co/5eoibIiFYp pic.twitter.com/WFKmG41CG9– Matthew Siegel, Recovering CFA (@matthew_sigel) June 18, 2024
He said that the supply of Ethereum on exchanges has reached an all-time low, while fundamental indicators are “improving,” adding thatETH’s buy/sell ratio is near its highest levels, while BTC’s ratio is falling to its lowest levels.
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