Crypto asset administration agency Hashdex has put ahead a proposal for a spot exchange-traded fund (ETF) that might instantly maintain each Bitcoin and Ethereum.
New York-based inventory change Nasdaq disclosed the proposal on June 18 by way of a Type 19b-4 submitting, which describes the corporations’ intent to determine the Hashdex Nasdaq Crypto Index US ETF. The submitting doesn’t make clear the ratio of the holdings.
That is the primary proposal for an ETF that goals to offer traders mixed publicity to each of the most important cryptocurrencies. The ultimate deadline for SEC approval is ready for March 2025.
Bloomberg ETF analyst James Seyffart commented on the announcement:
“A twin Ethereum and Bitcoin ETF submitting from @hashdex simply dropped. Can be market cap weighted. Shouldn’t be a shock to anybody — makes plenty of sense.”
This proposal follows the SEC’s approval of spot Bitcoin ETFs earlier this 12 months and its latest approval of 19b-4 types for a number of spot Ethereum ETFs. The SEC nonetheless must approve the registration assertion types for the Ethereum merchandise as a part of the two-step approval course of.
Hashdex has chosen to not pursue a standalone spot Ethereum ETF right now, in contrast to different corporations like BlackRock and Constancy, which have additionally secured SEC approval for his or her 19b-4 types.
In keeping with its Type 19b-4, the Hashdex Nasdaq Crypto Index US ETF may also maintain money. If the ETF is launched, Coinbase Custody Belief Firm and BitGo Belief Firm are slated to function custodians.
Hashdex’s submitting additionally signifies that it’s going to not spend money on every other spot cryptocurrencies past Bitcoin and Ether. In keeping with the submitting:
“The Belief is not going to spend money on crypto securities, tokenized belongings, or stablecoins.”
Nevertheless, the shape accommodates language that enables for the inclusion of different digital belongings if authorised by the SEC. It states:
“The Belief might spend money on further digital belongings if such belongings are decided to be per the funding goals of the Belief and if the inclusion of such belongings is authorised by the SEC.”
