Hashdex Launches ETF for Bitcoin and Ethereum Spot Exposure, Supported by Coinbase Custody and BitGo
Asset management company Hashdex is planning to launch an ETF that directly holds Bitcoin and Ethereum in spot form.
The proposal, called the Hashdex Nasdaq Crypto Index US ETF, was filed with the SEC using Form 19b-4.
James Seyffart, an ETF analyst at Bloomberg, shared the filing and mentioned that this move comes after the SEC approved Bitcoin spot ETFs earlier this year and recently validated Form 19b-4 filings for Ethereum spot ETFs.
Reaction and Details of the Proposal
Hashdex decided not to pursue its proposal for a standalone Ethereum spot ETF, which excluded it from the group that includes BlackRock and Fidelity, who obtained SEC approval for their Form 19b-4 filings. According to sources, Hashdex has not yet received feedback from the SEC regarding the initial comments on these filings.
Unique Features of the Hashdex Nasdaq Crypto Index US ETF
The ETF will provide exposure to Bitcoin and Ethereum proportional to their market capitalizations, as stated in Form 19b-4. The fund will also hold cash. Coinbase and BitGo will be the custodians if the launch proceeds.
This approach aligns with Hashdex’s existing Brazilian crypto ETF, known as HASH11, which primarily holds Bitcoin and Ethereum. James Seyffart shared that this ETF consists of 90% Bitcoin and Ethereum, reflecting a similar strategy for the proposed US fund.
Opportunities and Perspectives
The filing for the Hashdex Nasdaq Crypto Index US ETF allows for the potential addition of other approved digital assets. This flexibility could enable Hashdex to diversify its offerings and cater to the evolving needs of cryptocurrency investors. Despite skepticism from experts, many investors have already begun speculating on potential ETF requests for different crypto assets.
