coinspress.com
Hashdex, a Brazilian cryptocurrency asset manager, plans to introduce a new hybrid exchange-traded fund (ETF) that will track values of both Bitcoin and Ethereum.
The ETF is intended to provide simple access for speculators who want to put their money in these digital forms of money through public securities rather than purchasing the assets directly or through a crypto platform.
In order to manage the ETF, Hashdex will use at least two custodians like BitGo and Coinbase among others. Hashdex Nasdaq Crypto Index US ETF, as it would be called, will be capitalization weighted with Bitcoin accounting for 70.54% of the portfolio.
Annually, the portfolio’s weightings shall be adjusted to take into account changes in their market prices. Further, Hashdex suggested that it may incorporate other digital currencies in future subject to approval by SEC.
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At this time, Hashdex’s Brazil-focused crypto index ETF includes cryptocurrencies like Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), Polygon (MATIC), apart from BTC and ETH. Bloomberg Intelligence analyst Seyffart James thinks that such introduction makes sense for U.S markets. He observed that it would assist advisors looking for broad exposure in the cryptocurrency space.
Earlier this year, Hashdex withdrew an ETF proposal involving a combination of futures-based and spot-based Ethereum contracts. This new ETF proposal is anticipated around March 2025 according to Seyffart when its approval deadline is due.