Hashdex Proposes Combined Spot Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF) to the US SEC

Asset manager Hashdex has recently proposed a combined spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) to the US Security and Exchange Commission (SEC).

Asset manager Hashdex has filed with the US Securities and Exchange Commission to launch an exchange-traded fund (ETF) that will offer direct exposure to Bitcoin (BTC) and Ethereum (ETH).

The ETF, named Hashdex Nasdaq Crypto Index US ETF, will have its assets consist solely of Bitcoin and Ethereum, with cash held only to cover expenses, according to a recent 19b-4 filing. It will use a passive investment strategy to track the Nasdaq Crypto US Settlement Price Index (NCIUSS).

The strategy will not attempt to outperform the index. This approach is designed to simplify the process for investors, making it an attractive option for both experienced traders and those new to the market.

The ETF will utilize Coinbase and BitGo to secure custody of its Bitcoin and Ethereum holdings, respectively. Furthermore, the filing outlines that as of May 27, 2024, the Index Constituents and their weightings were BTC at 70.54% and ETH at 29.46%.

Hashdex's filing also aligns with other potential spot Ethereum ETF issuers. It states that neither the fund nor any affiliated parties will engage in Ethereum staking.

The SEC has 90 days to review the proposal, with a final decision expected by March 2025.

James Seyffart, an ETF analyst at Bloomberg Intelligence, highlighted Hashdex's filing, emphasizing its market cap-weighted structure and potential for including other SEC-approved digital assets.

“Hashdex already has a crypto index ETF that's traded down in Brazil. These are the assets it currently holds and their weights in the fund. 90% is Bitcoin and Ethereum. So bringing something like this to the US makes complete sense as a future goal,” he noted.

Despite Hashdex's novel approach, some within the crypto community have expressed skepticism, arguing that conflating Bitcoin with other digital assets in the ETF doesn't make sense.

However, Seyffart defended the strategy, arguing that the ETF's structure “makes a ton of sense” for those seeking diversified exposure to the digital asset class.

Nevertheless, approving a fund like Hashdex Nasdaq Crypto Index US ETF would mark another milestone in the spot crypto fund segment.

Approval for spot Bitcoin ETFs was granted in 2021, while several applications for spot Ethereum ETFs have been submitted but are yet to be approved.

Anticipation is building within the crypto market for the approval of spot Ethereum ETFs. As BeInCrypto reported, SEC Chairman Gary Gensler has indicated that these ETFs could be approved by the summer.

However, he did not provide a specific timeline for when they might begin trading.

Meanwhile, Eric Balchunas, another ETF analyst at Bloomberg Intelligence, has predicted that the funds could start trading as early as July 2.

News source：https://www.kdj.com/cryptocurrencies-news/articles/hashdex-proposes-combined-spot-bitcoin-btc-ethereum-eth-exchangetraded-fund-etf.html

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