Hashdex Files for Single Joint Bitcoin and Ethereum ETF in US ⋆ ZyCrypto

We already have Bitcoin (BTC) exchange-traded funds (ETFs) trading on US exchanges, while ETFs that give investors exposure to the industry’s second-largest cryptocurrency, Ether (ETH), have partially been given the green light and are expected to begin trading. be negotiated soon. What is the next? Brazilian digital asset management company Hashdex has proposed a new ETF that directly holds BTC and ETH.

Hashdex Spot Bitcoin and Ethereum Hybrid ETF

In a move that marks another big step forward for cryptocurrency investing in the United States, Hashdex wants to launch a combined Bitcoin (BTC) and Ether (ETH) spot exchange-traded fund (ETF) on the Nasdaq exchange.

The asset manager filed an application with the Securities and Exchange Commission for the Hashdex Nasdaq Crypto Index US ETF, pursuant to a June 18 Form 19b-4 filing. The document notes that the product would balance the two largest cryptocurrencies according to their market values, highlighted as 70.54% Bitcoin and 29.46% Ether.

“A dual Ethereum and Bitcoin ETF filing from @hashdex just launched.” Bloomberg ETF analyst James Seyffart said on Twitter (aka X). “It will be weighted by market value. It shouldn’t come as a surprise to anyone – it makes a lot of sense.”

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If the SEC gives its regulatory approval, the Hashdex Nasdaq Crypto Index US ETF would be the first exchange-traded fund (ETF) in the American market to directly hold spot Bitcoin and Ether.

While the Hashdex ETF intends to focus only on BTC and ETH for now, the document clarifies that the company would not invest in “crypto securities, tokenized assets, or stablecoins.”

However, Hashdex’s request added:

“In the event that any other cryptographic asset is included (other than Bitcoin or Ether) or is eligible for inclusion as an Index Constituent […]the Sponsor will transition the Trust’s investment strategy […]with only bitcoin and ether in the same proportions determined by the Index.”

Hashdex names Coinbase and BitGo as ETF custodians

The joint ETF will also include cash holdings, with Coinbase Custody and BitGo appointed as custodians if the fund gains approval. Additionally, Hashdex emphasized a passive investment strategy for the ETF, meaning it would track the daily market movement on the Nasdaq Crypto US Settlement Price Index rather than trying to outperform it.

The proposed combined ETF comes on the heels of historic milestones for crypto funds in the United States. The Securities and Exchange Commission (SEC) finally Approved nearly a dozen Bitcoin ETFs in cash in mid-January, and spot ETFs Ether gain initial key approvals last month. SEC Chairman Gary Gensler recently he said he expects them to start negotiating this summer.

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