Crypto asset management firm Hashdex has launched a proposal for an ETF that would directly hold both Bitcoin and Ethereum.
New York-based Nasdaq Stock Exchange revealed the proposal on June 18 through a 19b-4 filing, which describes the companies’ intention to establish the Hashdex Nasdaq Crypto Index US ETF.
This is the first proposal for an ETF that aims to provide investors with combined exposure to both of the largest cryptocurrencies. The deadline for SEC approval is set for March 2025.
The decision comes three weeks after Nasdaq withdrew Hashdex’s proposed Ethereum ETF.
Update: 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.
Final deadline for SEC approval should be sometime around the first week of March 2025 pic.twitter.com/5wB7ucvbgM
— James Seyffart (@JSeyff) June 18, 2024
The proposal follows the SEC’s approval of spot Bitcoin ETFs earlier this year and the recent approval of forms 19b-4 for several spot Ethereum ETFs. The SEC still needs to approve S-1 registration statement forms as part of a two-step approval process.
According to Form 19b-4, the Hashdex Nasdaq Crypto Index US ETF will hold cash. If an ETF is launched, Coinbase Custody Company and BitGo Trust Company will serve as custodians.
Hashdex’s filing also indicates that it will not invest in any other spot cryptocurrencies other than Bitcoin and Ether. However, the form contains language allowing 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 Trust’s investment objectives and if approved by the SEC.”
Annie
According to Cryptoslate
