Brazilian Cryptocurrency Asset Manager Hashdex Intends to Launch a Hybrid Spot Exchange-Traded Fund (ETF) That Tracks the Value of Bitcoin and Ethereum

"The Shares are designed to provide a straightforward means of obtaining investment exposure to bitcoin and ether through the public securities market"

Brazilian cryptocurrency asset manager Hashdex has filed with the US Securities and Exchange Commission (SEC) to launch a hybrid spot exchange-traded fund (ETF) that tracks the value of Bitcoin and Ethereum.The ETF will be listed on the Nasdaq exchange and will track the Hashdex Nasdaq Crypto Index US, which is designed to measure the performance of the two largest cryptocurrencies by market capitalization.

The filing states that the ETF will invest in spot Bitcoin and Ether through the authorized participants of the ETF, "in a manner that is substantially proportionate to the respective weightings of bitcoin and ether in the Index."

The Shares are designed to provide a straightforward means of obtaining investment exposure to bitcoin and ether through the public securities market, as opposed to direct acquisition, holding, and trading of spot crypto assets on a peer-to-peer or other basis or via a crypto asset platform, the filing says.

Hashdex will simultaneously engage at least two custodians (BitGo and Coinbase) for the ETF.The Hashdex Nasdaq Crypto Index US ETF will be capitalization-weighted, with Bitcoin (BTC) accounting for 70.54% of the portfolio. The weightings will be adjusted on a quarterly basis to reflect changes in market value.Hashdex also did not rule out that other digital currencies will be added to the mix. However, such changes would need to be approved by the SEC first.

The asset manager's Brazil-based crypto index ETF includes such assets as Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), and Polygon (MATIC) on top of Bitcoin and Ethereum.As noted by Bloomberg Intelligence analyst James Seyffart, bringing such a product to the US would make "complete sense as a future goal." He opined that "people who believe digital assets have broader use than just what Bitcoin currently offers," adding that such a product would make "a ton of sense" for advisors that want diversified exposure to the cryptocurrency space.

As reported by U.Today, Hashdex withdrew its ETF proposal that was supposed to combine futures-based Ether contracts and spot-based Ether in late May.The approval deadline for its new proposal should be around March 2025, according to Seyffart.

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