Hashdex proposes new ETF that would own both spot Ethereum and Bitcoin
Quick Take
- Nasdaq posted the proposal via Form 19b-4 on Tuesday for the Hashdex Nasdaq Crypto Index US ETF.
- The proposed fund would own both spot bitcoin and ether in the ETF.
Crypto asset management firm Hashdex plans to launch an exchange-traded fund that directly owns spot bitcoin and ether.
Nasdaq posted the proposal via Form 19b-4 on Tuesday for the Hashdex Nasdaq Crypto Index US ETF, which ETF experts say was not necessarily a surprising move.
"A dual Ethereum 
ETH
-0.81%
and #Bitcoin 
BTC
-1.52%
ETF filing from @hashdex just dropped," said Bloomberg ETF analyst James Seyffart in a post on X. "Will be market cap weighted. Shouldn't be a surprise to anyone -- makes a lot of sense."
Hashdex's move comes after the SEC approved spot Bitcoin ETFs earlier this year and last month approved 19b-4 forms for a slew of spot Ethereum ETFs. The SEC still has to greenlight registration statement forms for the Ethereum products as part of a two-step process.
Hashdex decided not to move forward with its proposal for a spot Ethereum ETF, so it was not part of a group including BlackRock and Fidelity that secured the SEC's approval of 19b-4 forms. Sources said last week they had not yet received feedback from the SEC on the first round of comments on those forms.
RELATED INDICES
The Hashdex Nasdaq Crypto Index US ETF will also hold cash, according to its Form 19b-4. Coinbase Custody Trust Company, LLC and BitGo Trust Company, Inc. will be the custodians should it launch. Hashdex also noted it would not invest in any other spot crypto besides bitcoin and ether.
"The Trust will not invest in crypto securities, tokenized assets or stablecoins," according to the filing.
Bloomberg's Seyffart also noted on X that there was language in the form to allow for other digital assets to be added if they get the green light from the SEC.
Updated on June 18 at 5 p.m. UTC time to include more commentary from Bloomberg's Seyffart
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
