Hashdex, Nasdaq file application for dual Bitcoin and Ethereum ETFs
Hashdex, a cryptocurrency asset management company, has proposed a spot exchange-traded fund (ETF) that directly holds both Bitcoin and Ethereum.
New York-based stock exchange Nasdaq disclosed the offering in a Form 19b-4 filing on June 18, which describes the company’s intention to establish the Hashdex Nasdaq Crypto Index US ETF. The filing does not specify the percentage of shares held.
This is the first offering for an ETF that aims to provide investors with 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:
“@hashdex’s dual Ethereum and Bitcoin ETF submission was just stopped. Weight is given to market capitalization. This won’t be a surprise to anyone. It means a lot.”
This proposal follows the SEC’s approval of a spot Bitcoin ETF earlier this year and the recent Form 19b-4 approval of several spot Ethereum ETFs. The SEC must approve registration statement forms for Ethereum products as part of a two-step approval process.
Hashdex has decided not to pursue a standalone spot Ethereum ETF at this time, unlike other firms such as BlackRock and Fidelity that have secured SEC approval for the 19b-4 format.
According to Form 19b-4, the Hashdex Nasdaq Crypto Index US ETF will also hold cash. When the ETF is launched, Coinbase Custody Trust Company and BitGo Trust Company will serve as custodians.
Hashdex’s filing also indicates that it will not invest in any other spot cryptocurrency other than Bitcoin and Ethereum. According to the document:
“The Trust will not invest in cryptocurrency securities, tokenized assets or stablecoins.”
However, the form includes language allowing the inclusion of other digital assets if approved by the SEC. It says:
“The Trust may invest in additional digital assets if such assets are determined to be consistent with the Trust’s investment objectives and the inclusion of such assets is approved by the SEC.”
