Ethereum
Joint Bitcoin and Ethereum ETF could come to the US via Hashdex
We have a place Bitcoin ETF to trade in the United States, while Ethereum ETF have been approved and are expected to hit the market soon. And after? Perhaps a joint ETF that would include the two top cryptocurrencies by market capitalization, if Hashdex has its way.
In a move that could mark another milestone for crypto investing in the United States, the crypto asset manager has filed for the Hashdex Nasdaq Crypto Index US ETF.
If approved, it would be the first exchange-traded fund (ETF) to directly hold both Bitcoin And Ethereum in the American market.
THE deposit, submitted via Form 19b-4 with Nasdaq, details a fund that tracks the Nasdaq Crypto Index (NCI). The form indicates that the ETF will include cash holdings, with Coinbase Custody and BitGo designated as custodians if the fund is launched.
The NCI is a market cap-weighted index, meaning the fund would primarily hold Bitcoin (70.54%) and Ethereum (29.46%), reflecting the relative weightings of these two cryptocurrencies. dominant currencies.
This proposed ETF comes amid a year of milestones for crypto funds in the United States. The Securities and Exchange Commission (SEC) finally gave the green light to the first Bitcoin spot ETF in January and the Ethereum spot ETF. received the first approvals at the end of May. SEC Chairman Gary Gensler recently told a Senate committee that he anticipates they start trading this summer.
Although the Hashdex ETF is focused on Bitcoin and Ethereum for now, the filing clarifies that it will not invest in “crypto securities, tokenized assets, or stablecoins.”
However, the index could potentially incorporate additional crypto assets in the future, provided they meet specific criteria. These criteria could include being listed on a regulated platform in the United States or serving as the underlying asset of a derivative instrument on such a platform.
Hashdex emphasizes a passive investment strategy for the ETF, meaning it aims to track the performance of the NCI regardless of market direction. This signifies an intention to provide investors with exposure to the overall cryptocurrency market represented by the index, rather than attempting to outperform it.
This filing follows Hashdex’s previous efforts to transition its Bitcoin futures ETF to one directly holding physical BTC, mirroring recent spot Bitcoin ETF launches in January. However, the company was unable to gain approval before its competitors launched in January.
James Seyffart, analyst at Bloomberg ETF note on Twitter that the final SEC approval deadline for the Hashdex joint application is expected to be around the first week of March 2025.
“There is language here to allow other digital assets to be added essentially as they are approved by the SEC,” he added.
Edited by Andrew Hayward