<img src="https://cryptoslate.com/wp-content/uploads/2024/06/bitcoin–ethereum-btcd.jpg” />
crypto asset management company Hashdex has submitted a proposal for a spot exchange-traded fund (ETF) that would directly hold both bitcoin and ethereum.
The New York-based Nasdaq stock exchange disclosed the proposal on June 18 via a Form 19b-4, outlining the companies' intention to establish the US Hashdex Nasdaq crypto Index ETF. The presentation does not clarify the proportion of the shares.
This is the first proposal for an ETF that aims to give investors combined exposure to the two largest cryptocurrencies. The final 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 released. It will be weighted by market capitalization. It shouldn't be a surprise to anyone; It makes a lot of sense”.
This proposal follows the SEC's approval of bitcoin spot ETFs earlier this year and its recent approval of Forms 19b-4 for several ethereum spot ETFs. The SEC still needs to approve registration statement forms for ethereum products as part of the two-step approval process.
Hashdex has chosen not to pursue a standalone spot ethereum ETF at this time, unlike other companies like BlackRock and Fidelity, which have also obtained SEC approval for their Forms 19b-4.
According to its Form 19b-4, the US Hashdex Nasdaq crypto Index ETF will also contain cash. If the ETF is launched, Coinbase Custody Trust Company and BitGo Trust Company will act as custodians.
Hashdex's filing also indicates that it will not invest in any other spot cryptocurrencies beyond bitcoin and Ether. According to the presentation:
“The Trust will not invest in crypto securities, tokenized assets or stablecoins.”
However, the form contains language that allows for 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 determined to be consistent with the Trust's investment objectives and if the SEC approves the inclusion of such assets.”