Crypto asset administration firm Hashdex has submitted a proposal for a spot exchange-traded fund (ETF) that might maintain each bitcoin and ethereum immediately.
The Nasdaq Inventory Alternate, primarily based in New York, revealed a proposal on June 18 through Kind 19b-4, which describes the intention of the businesses to determine a US crypto index Hashdex Nasdaq Crypto Index ETF. The submitting doesn’t make clear the ratio of shares.
That is the primary ETF proposal to supply buyers with mixed publicity to the 2 largest cryptocurrencies. The deadline for SEC approval is about for March 2025.
Bloomberg ETF analyst James Seyffart commented on the announcement:
“Ethereum and Bitcoin ETF twin registration from @hashdex simply dropped. Market capitalization can be weighted. It shouldn't come as a shock to anybody – it makes lots of sense.'
The proposal follows the SEC's approval of spot Bitcoin ETFs earlier this 12 months and the latest approval of Kind 19b-4s for a number of spot Ethereum ETFs. The SEC has but to approve the registration assertion varieties for Ethereum merchandise in a two-phase approval course of.
Hashdex has determined to not pursue a standalone spot Ethereum ETF at the moment, not like different corporations akin to BlackRock and Constancy, which have additionally secured SEC approval for his or her 19b-4 varieties.
In response to its Kind 19b-4, the Hashdex Nasdaq Crypto Index US ETF can even maintain money. If the ETF is launched, Coinbase Custody Belief Firm and BitGo Belief Firm will function custodians.
Hashdex's submitting additionally signifies that it’ll not put money into every other spot cryptocurrencies apart from Bitcoin and Ether. In response to submission:
“The Belief is not going to put money into crypto securities, tokenized property or stablecoins.”
Nonetheless, the shape consists of language that permits for the inclusion of different digital property if permitted by the SEC. Acknowledged by:
“The Belief might put money into different digital property if such property are decided to be in line with the Belief's funding goals and if the inclusion of such property is permitted by the SEC.”
