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Hashdex proposed a combined bitcoin and ethereum spot ETF, as fund manager VanEck said hedge funds are already leading the early launch of eth ETF products.
Hasdex's proposed ETF was introduced via a June 18 filing with the U.S. Securities and Exchange Commission (SEC). It would be listed on the Nasdaq exchange and balance crypto assets according to their market capitalizations, the filing said.
The asset manager's passive investment strategy will track daily market movements on the Nasdaq crypto US Settlement Price Index without attempting to “outperform” it.
<img decoding="async" alt="Is it better to trade bitcoin (btc) or ethereum (eth)? | StormGain” src=”https://stormgain.com/sites/default/files/inline-images/btc-or-eth_1.jpg”/><img decoding="async" src="https://stormgain.com/sites/default/files/inline-images/btc-or-eth_1.jpg” alt=”Is it better to trade bitcoin (btc) or ethereum (eth)? | StormGain”/>
The Hashdex bitcoin and eth ETF will not invest in anything other than btc and eth
The asset manager's combined ETF will not invest in any other assets in the spot market in addition eth and btc, he said. Meanwhile, Coinbase and BitGo will act as custodians of the fund's assets. There will also be segregated accounts for shareholders.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”7.2301255230126″>
twitter.com/hashdex?ref_src=twsrc%5Etfw”>@hashdex already has a crypto index ETF trading down in Brazil. These are the assets you currently own and their weight in the fund. 90% is bitcoin and ethereum. pic.twitter.com/5yRCDsfUs0
-James Seyffart (@JSeyff) twitter.com/JSeyff/status/1803087413088043124?ref_src=twsrc%5Etfw”>June 18, 2024
The introduction of the combined crypto ETF “makes a lot of sense,” said Bloomberg ETF analyst James Seyffart in a June 18 article. x.com/JSeyff/status/1803084483995820443″>mail in x.
The final deadline for SEC approval of the ETF is expected to be around the first week of March 2025, according to the analyst.
Hashdex already has a similar index fund listed in Brazil. This fund contains nine coins, but btc and eth make up the majority of the ETF's allocation, at a combined 92%.
Institutions begin preparations for eth ETF launch
As Hashdex attempts to launch a blended ETF in the US, financial institutions are already “ahead of eth ETF approvals.” said VanEck head of digital asset research Matthew Sigel in a post on x.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.158940397351″>
Hedge funds are leading the way twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw”>#eth ETF approvals, eth on exchanges near all-time low, fundamentals improving.
I could be eating a BBQ HODL hat for the 4th of July.
And are you a bassist? https://t.co/5eoibIiFYp pic.twitter.com/WFKmG41CG9
— matthew sigel, recovering CFA (@matthew_sigel) twitter.com/matthew_sigel/status/1803071406525034636?ref_src=twsrc%5Etfw”>June 18, 2024
eth supply on exchanges is at an all-time low while fundamental indicators are “improving,” he said, adding that tThe eth sell/buy ratio is approaching highs, while the btc ratio is falling to lows.
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