Crypto Asset Management Firm Hashdex Proposes Spot Bitcoin and Ethereum ETF

Crypto asset management firm Hashdex has put forward a proposal for a spot exchange-traded fund (ETF) that would directly hold both Bitcoin and Ethereum.

Crypto asset management firm Hashdex has proposed a spot exchange-traded fund (ETF) that will directly hold both Bitcoin and Ethereum.

The proposal was disclosed by New York-based stock exchange Nasdaq on June 18 in a Form 19b-4 filing, which outlines the firms’ intent to establish the Hashdex Nasdaq Crypto Index US ETF. The filing does not clarify the ratio of the holdings.

This marks the first proposal for an ETF that aims to provide investors with combined exposure to both of the largest cryptocurrencies. The final deadline for SEC approval is set for March 2025.

Bloomberg ETF analyst James Seyffart commented on the announcement:

“A dual Ethereum and Bitcoin ETF filing from @hashdex just dropped. Will be market cap weighted. Shouldn’t be a surprise to anyone — makes a lot of sense.”

The proposal comes after the SEC approved several spot Bitcoin ETFs earlier this year and recently approved 19b-4 forms for several spot Ethereum ETFs. The SEC still needs to approve the registration statement forms for the Ethereum products as part of the two-step approval process.

Other firms, such as BlackRock and Fidelity, have also secured SEC approval for their 19b-4 forms for standalone spot Ethereum ETFs, but Hashdex has chosen not to pursue one at this time.

The Hashdex Nasdaq Crypto Index US ETF will also hold cash, according to its Form 19b-4. Coinbase Custody Trust Company and BitGo Trust Company are set to serve as custodians if the ETF is launched.

Hashdex’s filing also indicates that it will not invest in any other spot cryptocurrencies beyond Bitcoin and Ether.

“The Trust will not invest in crypto securities, tokenized assets, or stablecoins,” the filing reads.

However, the form includes language that allows for the inclusion of other digital assets if approved by the SEC.

“The Trust may invest in additional digital assets if such assets are determined to be consistent with the investment objectives of the Trust and if the inclusion of such assets is approved by the SEC,” it states.

News source：https://www.kdj.com/cryptocurrencies-news/articles/crypto-asset-management-firm-hashdex-proposes-spot-bitcoin-ethereum-etf.html

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