- Asset management firm Hashdex has filed an application for combined spot Bitcoin and Ethereum ETF products.
- This innovative move could set a significant precedent in the cryptocurrency market.
- The filing follows Hashdex’s recent withdrawal of its Ethereum ETF application.
Hashdex is pioneering the first-ever combined spot Bitcoin and Ethereum ETF, potentially revolutionizing the crypto investment landscape.
Hashdex Pushes Boundaries with New ETF Filing
Three weeks after withdrawing its spot Ethereum ETF application, Hashdex is back in the spotlight with a groundbreaking 19b-4 filing for combined spot Bitcoin and Ethereum ETFs. This dual-product ETF proposes to integrate the two largest cryptocurrencies into a single investment vehicle.
Industry Reaction to Hashdex’s ETF Application
The filing was notably highlighted by Nate Geraci, President of the ETF Store, who shared a screenshot of the document submitted to the United States Securities and Exchange Commission (SEC) on June 17. The filing proposes to list and trade shares of the Hashdex Nasdaq Crypto Index US ETF under Nasdaq Rule 5711(d). According to the description, the ETF will be managed by Hashdex but administered by Tidal ETF Services LLC, with custody of assets handled by Coinbase Custody Trust Company and Bitcoin Trust.
A New Precedent in Crypto Investment
The combined Bitcoin and Ethereum ETF is unlike any previous ETF products approved by the SEC, aiming to offer investors exposure to both cryptocurrencies within one fund. This could streamline investment strategies for both institutional and retail investors, providing access to the performance of these digital assets without the need for direct ownership. The SEC’s decision on this filing is expected by March 2025.
Hashdex and Grayscale’s Strategic Moves
This development follows Hashdex’s recent withdrawal of its spot Ethereum ETF application, a decision made just weeks after the SEC approved similar applications from other major issuers, including VanEck, Fidelity, and Grayscale. Grayscale also recently withdrew its Ethereum Futures ETF application, leading to speculation about their strategic intentions. Bloomberg ETF Research Analyst James Seyffart suggested that Grayscale might aim to replicate the success of its GBTC Bitcoin ETF.
Conclusion
Hashdex’s filing for a combined spot Bitcoin and Ethereum ETF marks a significant milestone for the cryptocurrency market. If approved, this product could provide a new, efficient way for investors to gain exposure to these leading digital assets. As the SEC’s decision deadline approaches, all eyes will be on this pioneering initiative to see how it might shape the future of crypto investments.
