Hashdex Files for Groundbreaking Crypto ETF Holding Spot Bitcoin and Ethereum
Hashdex has submitted an S-1 form with the US Securities and Exchange Commission (SEC) to introduce an innovative exchange-traded fund (ETF) that will directly hold spot Bitcoin and Ethereum. This filing, made on Wednesday, represents a significant milestone, proposing the first index-based crypto ETF in the United States.
This move follows Nasdaq’s recent Form 19b-4 submission, a necessary step for listing new ETFs, outlining the required trading rule changes.
Expanding the Crypto Index ETF in the Future
The Hashdex Nasdaq Crypto Index US ETF is set to be listed on Nasdaq and will be constructed using the Nasdaq Crypto Index US methodology.
Coinbase Custody Trust Company LLC, and BitGo Trust Company Inc. will act as custodians, providing secure storage solutions for the digital assets managed by the fund.
Hashdex’s strategic timing aligns with the recent launch of Ethereum ETFs, which have contributed to broader market acceptance of crypto products.
Supporting this trend, Matt Hougan, Chief Investment Officer at Bitwise, previously predicted that the approval of Ethereum ETFs would usher in a new era for crypto-based ETFs. “Long term, as we look into 2025, we will enter an ETF era of crypto. We are going to see ETFs on multiple crypto assets, we are going to see index-based ETFs,” Hougan stated.
The proposed Hashdex ETF will allocate its holdings based on market capitalization, with Bitcoin comprising 70.54% and Ethereum 29.46%.
According to Bloomberg ETF analyst James Seyffart, the firm has the option to add other assets once approved by the SEC.
This initiative by Hashdex could pave the way for a wider array of crypto ETFs. Nate Geraci, President of the ETF Store, suggested an upcoming filing might include Solana (SOL), though the current Hashdex ETF does not yet incorporate SOL due to the absence of SEC approval for a Solana-specific ETF.
Discussions about Solana on platforms like Franklin Templeton’s X (formerly Twitter) support this possibility. Franklin Templeton recently highlighted Solana’s adoption rates and technological advancements, sparking speculation that they might pursue a Solana ETF.
To date, two issuers, 21Shares and VanEck, have filed for spot Solana ETFs. These developments indicate a significant shift in investment strategies, integrating traditional asset management with the crypto sector.
The SEC’s response to these filings will be crucial, potentially shaping the future of crypto investments within regulated financial markets.
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