Crypto asset administration agency Hashdex has put ahead a proposal for a spot exchange-traded fund (ETF) that may immediately maintain each Bitcoin and Ethereum.
New York-based inventory trade Nasdaq disclosed the proposal on June 18 through a Type 19b-4 submitting, which describes the companies’ intent to determine the Hashdex Nasdaq Crypto Index US ETF. The submitting doesn’t make clear the ratio of the holdings.
That is the primary proposal for an ETF that goals to present traders mixed publicity to each of the biggest cryptocurrencies. The ultimate deadline for SEC approval is about for March 2025.
Bloomberg ETF analyst James Seyffart commented on the announcement:
“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.”
This proposal follows the SEC’s approval of spot Bitcoin ETFs earlier this 12 months and its current approval of 19b-4 varieties for a number of spot Ethereum ETFs. The SEC nonetheless must approve the registration assertion varieties for the Ethereum merchandise as a part of the two-step approval course of.
Hashdex has chosen to not pursue a standalone spot Ethereum ETF right now, in contrast to different companies like BlackRock and Constancy, which have additionally secured SEC approval for his or her 19b-4 varieties.
In keeping with its Type 19b-4, the Hashdex Nasdaq Crypto Index US ETF will even maintain money. If the ETF is launched, Coinbase Custody Belief Firm and BitGo Belief Firm are slated to function custodians.
Hashdex’s submitting additionally signifies that it’s going to not spend money on every other spot cryptocurrencies past Bitcoin and Ether. In keeping with the submitting:
“The Trust will not invest in crypto securities, tokenized assets, or stablecoins.”
Nonetheless, the shape comprises language that enables for the inclusion of different digital property if permitted by the SEC. It states:
“The Trust may invest in additional digital assets if such assets are determined to be consistent with the investment objectives of the Trust and if the inclusion of such assets is approved by the SEC.”
