Hashdex Files for an ETF that Would Own Both Spot Ethereum and Bitcoin

TL;DR

• Hashdex has filed the Hashdex Nasdaq Crypto Index US ETF with the SEC.

• The fund seeks to own both spot bitcoin and ether in the ETF.

Hashdex’s ETF to Own Both Spot Bitcoin and Ethereum 

Crypto asset management firm Hashdex has submitted a proposal to the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) that directly owns spot bitcoin and ether.

Nasdaq posted the proposal via Form 19b-4 on Tuesday. The fund, called the Hashdex Nasdaq Crypto Index US ETF, did not come as a surprise to some experts in the cryptocurrency ecosystem. Bloomberg ETF analyst James Seyffart said the move made a lot of sense. He said, 

"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 latest development comes after the SEC approved the first batch of spot Bitcoin ETFs in the United States. The SEC approved 19b-4 forms for a slew of spot Ethereum ETFs last month, with the ETFs expected to start trading this summer. 

Hashdex previously filed for a spot Ethereum ETF but later withdrew its application, with BlackRock and Fidelity leading the way in this effort. 

According to the proposal, the Hashdex Nasdaq Crypto Index US ETF will also hold cash. Coinbase Custody Trust Company, LLC, and BitGo Trust Company, Inc. will serve as the ETF’s custodians. 

Hashdex added that it would not invest in other spot cryptocurrencies besides BTC and ETH. Furthermore, the trust will not invest in crypto securities, tokenized assets or stablecoins.