Hashdex to Launch First U.S. Dual Bitcoin and Ethereum ETF Pending SEC Approval

  • The United States is witnessing a groundbreaking development in the cryptocurrency market with spot Bitcoin ETFs already trading and Ethereum ETFs on the verge of launching.
  • Crypto asset manager Hashdex is pushing boundaries by filing for the Hashdex Nasdaq Crypto Index US ETF, a fund that will include both Bitcoin and Ethereum.
  • If approved, this would be the inaugural ETF in the U.S. market to directly hold both of these leading cryptocurrencies by market capitalization.

Explore the latest advancements in crypto ETFs and what Hashdex’s innovative application means for the future of crypto investments in the U.S.!

Milestone: Hashdex Files for First Joint Bitcoin and Ethereum ETF

Hashdex’s recent filing marks an important milestone in the cryptocurrency arena. The proposed Hashdex Nasdaq Crypto Index US ETF is designed to hold both Bitcoin and Ethereum, potentially revolutionizing investment strategies by offering diversified exposure within a single fund.

Detailed Overview of the Proposed ETF

The ETF will track the Nasdaq Crypto Index (NCI), a market-capitalization weighted index, meaning it will predominantly consist of Bitcoin (70.54%) and Ethereum (29.46%), reflecting their dominance in the market. The fund will also hold cash and designate Coinbase Custody and BitGo as custodians if approved, ensuring secure asset management.

SEC’s Recent Approvals Pave the Way

The submission follows a series of significant regulatory milestones. The SEC approved the first spot Bitcoin ETFs in January and provided initial approvals for spot Ethereum ETFs in May. SEC Chair Gary Gensler indicated trading for these ETFs could commence by summer, significantly impacting the market.

Hashdex’s Strategic Approach

Hashdex aims for a passive investment strategy with this ETF, meaning it will strictly track the performance of the NCI without attempting to outperform the market. This allows investors to gain comprehensive exposure to the cryptocurrency market efficiently.

Future Integration of Additional Crypto Assets

While the initial focus remains on Bitcoin and Ethereum, the ETF has room for future expansion. Hashdex’s filing specifies that additional digital assets may be included, contingent upon regulatory approval and criteria like being listed on a U.S.-regulated platform or being the underlying asset for a derivative instrument.

Conclusion

The Hashdex Nasdaq Crypto Index US ETF represents a significant evolution in crypto investing, potentially offering a diversified and regulated investment vehicle for U.S. investors. As the SEC review progresses, industry stakeholders eagerly anticipate the potential approval, which could arrive by March 2025, marking a new era for cryptocurrency ETFs.

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