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Hashdex’s filing follows closely on the heels of the recent approval for spot Ethereum ETFs to start trading on July 23.
Brazil-based crypto asset manager Hashdex has advanced its plan to introduce an exchange-traded fund (ETF) that directly holds spot Bitcoin and Ether. The approval of this fund, named the Hashdex Nasdaq Crypto Index US ETF, could establish the first index-based crypto ETF in the United States.
On July 24, the firm filed an S-1 registration statement with the US Securities and Exchange Commission (SEC) for its dual spot ETF. The proposed product initially aims to hold Bitcoin and Ether. However, the firm indicated that it could expand to include other crypto assets depending on future regulatory developments.
Crypto Index ETF: Details
The crypto index ETF will be listed and traded on Nasdaq, following the Nasdaq Crypto Index US methodology. Notably, in June, Nasdaq had filed a Form 19b-4 for the fund, marking a crucial step in the regulatory process.
Notably, in the future, if the firm decides to amend its listing rules to add other cryptocurrencies, the Nasdaq would need to file a 19b-4 with the SEC to seek approval for the same.
Hashdex plans to use at least two custodians for its investment product: Coinbase and BitGo. Bloomberg’s popular ETF analyst James Seyffart projects the final deadline for SEC approval of Hashdex’s dual ETF proposal to be around the first week of March 2025.
Interestingly, Hashdex already has a crypto index ETF in Brazil under the ticker $HASH11. The fund holds a diverse portfolio of 11 crypto assets: Bitcoin, Ethereum, Solana, XRP, Cardano, Chainlink, Litecoin, Polygon, Avalanche, Uniswap, and Polkadot. However, Bitcoin and Ethereum collectively make up 90% of this ETF’s weight.
Filing amid Rising Demand
Notably, Hashdex’s filing follows closely on the heels of the recent approval for spot Ethereum ETFs to start trading on July 23. Moreover, the SEC also approved bitcoin spot ETFs in January this year.
According to SoSo Value data, the newly launched Ether ETFs have already seen $1.05 billion in total value traded as of July 24. On the other hand, Bitcoin ETFs have cumulatively seen a net inflow of $17.75 since their launch.
Hashdex applied for the conversion of its futures-based Bitcoin ETF (DEFI) to spot ETF in January. However, this change is expected to be effective at a later date, pending final clearance from the SEC. Additionally, the firm had opted not to pursue its proposal for a spot Ethereum ETF in May.
Meanwhile, Bitcoin is currently trading around $64,300, displaying little change over the last 24 hours. In contrast, Ether has experienced an 8% decline in the past day to trade around $3,170. This downturn can be partly attributed to the $326 million in outflows faced by Grayscale’s Ether ETF (ETHE) on July 24.
