Crypto asset administration agency Hashdex has submitted a proposal for a spot exchange-traded fund (ETF) that may straight maintain each Bitcoin and Ethereum.
New York-based inventory change Nasdaq revealed the proposal by means of a Kind 19b-4 submitting on June 18, which outlined the businesses' intent to create the Hashdex Nasdaq Crypto Index US ETF. The submitting didn’t disclose possession percentages.
That is the primary proposed ETF geared toward giving buyers mixed publicity to the 2 largest cryptocurrencies. The ultimate deadline for SEC approval is about for March 2025.
Commenting on the announcement, Bloomberg ETF analyst James Seifert mentioned:
“An Ethereum + Bitcoin twin ETF software from @hashdex was simply submitted. It will likely be market cap weighted. Shouldn't be a shock to anybody. Makes quite a lot of sense.”
The proposal follows the SEC's approval of a spot Bitcoin ETF earlier this yr, in addition to its current approval of Kind 19b-4 for a number of spot Ethereum ETFs. The SEC nonetheless must approve the registration assertion types for the Ethereum merchandise as a part of a two-stage approval course of.
Hashdex has chosen to not pursue a standalone spot Ethereum ETF right now, in contrast to different corporations reminiscent of BlackRock and Constancy, which have acquired SEC approval for his or her 19b-4 types.
The Hashdex Nasdaq Crypto Index US ETF will even maintain money, based on the Kind 19b-4. Coinbase Custody Belief Firm and BitGo Belief Firm will act as custodians for the ETF if it launches.
Hashdex's submitting additionally states that it’ll not put money into spot cryptocurrencies aside from Bitcoin and Ethereum. In response to the submitting:
“The Belief doesn’t put money into crypto securities, tokenized belongings or stablecoins.”
Nevertheless, the shape does comprise language permitting for the inclusion of different digital belongings, topic to SEC approval. It reads:
“The Belief might put money into extra digital belongings if such belongings are decided to be in line with the Belief's funding goal and the inclusion of such belongings is accepted by the SEC.”
