Bitcoin
Hashdex, Nasdaq File App for a Double Bitcoin, Ethereum ETF
Crypto asset management firm Hashdex has submitted a proposal for a spot exchange-traded fund (ETF) that would directly hold both Bitcoin It is Ethereum.
The New York-based Nasdaq stock exchange disclosed the proposal on June 18 via a Form 19b-4, which outlines the companies’ intention to establish the Hashdex Nasdaq Crypto Index US ETF. The request does not clarify the proportion of the shares.
This is the first ETF proposal that aims to give investors combined exposure to the two largest cryptocurrencies. The 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 has just been launched. It will be weighted by market value. It shouldn’t come as a surprise to anyone – it makes a lot of sense.”
This proposal follows SEC approval of spot Bitcoin ETFs earlier this year and its recent approval of Forms 19b-4 for multiple spot Ethereum ETFs. The SEC has yet to approve registration statement forms for Ethereum products as part of the two-step approval process.
Hashdex has chosen not to pursue an independent local Ethereum ETF at this time, unlike other companies such as Black stone It is Fidelitywho also secured SEC approval for their 19b-4 forms.
According to its Form 19b-4, the Hashdex Nasdaq Crypto Index US ETF will also hold cash. If the ETF is launched, Coinbase Custody Trust Company and BitGo Trust Company are expected to act as custodians.
Hashdex’s order also indicates that it will not invest in any other cryptocurrencies in sight other than Bitcoin and Ether. According to the filing:
“The Trust will not invest in cryptographic securities, tokenized assets or stablecoins.”
However, the form contains language that allows the inclusion of other digital assets if approved by the SEC. It states:
“The Trust may invest in additional digital assets if such assets are considered consistent with the Trust’s investment objectives and if the inclusion of such assets is approved by the SEC.”