Crypto asset manager Hashdex has filed an application for a combined spot Bitcoin and Ethereum ETF in the United States, marking a potential milestone for crypto investments. The proposed ETF, named the Hashdex Nasdaq Crypto Index US ETF, would be the first exchange-traded fund to directly hold both spot Bitcoin and Ethereum in the American market.
This move builds on recent approvals by the SEC for spot Bitcoin ETFs, which began trading in January, and spot Ethereum ETFs, which received initial approvals in late May. SEC Chair Gary Gensler has indicated that Ethereum ETFs should start trading this summer.
The filing, submitted via Form 19b-4 with the Nasdaq, outlines a fund that tracks the Nasdaq Crypto Index (NCI). This index is a market-capitalization weighted index, meaning the ETF would primarily hold Bitcoin (70.54%) and Ethereum (29.46%), reflecting their relative weightings. Coinbase Custody and BitGo are designated as custodians if the fund is launched.
Alongside Bitcoin and Ethereum, the ETF will also hold cash. However, it will not invest in “crypto securities, tokenized assets, or stablecoins.” The filing indicates that the index could potentially include additional crypto assets in the future, provided they meet certain criteria, such as being listed on a U.S.-regulated platform or serving as the underlying asset for a derivative instrument on such a platform.
Hashdex emphasizes a passive investment strategy for the ETF, aiming to track the NCI’s performance regardless of market fluctuations. This approach is designed to give investors exposure to the overall cryptocurrency market represented by the index, rather than striving to outperform it.
This filing follows Hashdex’s previous efforts to transition its Bitcoin futures ETF to one holding physical BTC directly, mirroring the launches of spot Bitcoin ETFs earlier this year. However, the company was unable to secure approval before its competitors’ launch in January.
Bloomberg ETF analyst James Seyffart noted on Twitter that the final SEC approval deadline for the joint Hashdex application should be around the first week of March 2025. “There’s language in here to allow the addition of other digital assets essentially as they are approved by the SEC,” he added.
