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Hashdex has submitted a proposal to the Securities and Exchange Commission (SEC) for the creation of an exchange-traded fund (ETF) that would hold both Bitcoin and Ethereum.
The proposed ETF, named Hashdex Nasdaq Crypto Index US ETF, is designed to offer investors a stake in the two most prominent cryptocurrencies, mirroring their distribution in the Nasdaq Crypto Index.
This initiative marks a significant step towards the integration of digital assets into conventional financial instruments, potentially expanding the accessibility of cryptocurrencies to a broader range of investors.
The ETF’s composition reflects the Nasdaq Crypto Index, with Bitcoin and Ethereum accounting for approximately 70.54% and 29.46% of the fund, respectively.
This structure adheres to a market-cap-weighted strategy, indicative of the index’s broader cryptocurrency market representation.
The fund will be backed by custodians Coinbase Custody Trust Company and BitGo Trust Company and will maintain cash reserves.
While the initial focus is on Bitcoin and Ethereum, the ETF may consider including additional digital assets in the future, contingent upon SEC approval.
The filing arrives amidst a favorable regulatory climate, following the SEC’s approval of Bitcoin spot ETFs and the anticipated introduction of Ethereum ETFs in the U.S. market.
SEC Chair Gary Gensler’s recent remarks to a Senate committee signal the possibility of Ethereum ETFs trading by this summer.