Hashdex files for SEC-linked spot Bitcoin and Ether ETFs
Hashdex filed an application with the United States Securities and Exchange Commission (SEC) on June 18 to create a combined Bitcoin (BTC) and Ether (ETH) exchange-traded fund (ETF) on the Nasdaq exchange.
The proposed ETF balances its crypto assets based on the market capitalization of 70.54% Bitcoin (BTC) and 29.46% Ether (ETH) as of May 27. His passive investment strategy tracks intraday market movements on the Nasdaq Crypto US Settlement Price. Pointer without trying to “hit”.
The ETF with the best of all worlds
According to analyst James Seifert, a mixed-asset ETF “makes a lot of sense.” The ETF does not invest in other spot assets besides BTC and ETH. But he added:
“If any other crypto asset is included (other than Bitcoin or Ether) or is eligible for inclusion as a component of an index […]The sponsor carries out the investment strategy of the trust. […]Only Bitcoin and Ether of the same amount determined by the index.
Crypto assets are eligible to be included in the set of rules “currently including listing on a US-regulated digital asset trading platform or serving as the underlying asset for a derivative instrument listed on a US-regulated derivatives platform,” the filing said.
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Both Coinbase and BitGo act as custodians for BTC and ETH assets. They issue separate accounts to individual shareholders.
Hashdex creates ETF structures
Brazil-based investment manager Hashdex filed with the SEC to create an ETH ETF, but later withdrew the application. The indexed crypto ETF traded in Brazil holds nine coins, with BTC and ETH accounting for about 92% of its value. The US-traded Spot BTC ETF will hold up to 5% of BTC futures and will have spot assets on the CME.
Hashdex is still required to file and receive SEC approval on an S-1 filing. The agency has 90 days to respond to the 19-b4, during which time it will receive comments on the proposal from the public and other financial institutions. According to Seifert, a final SEC decision on the fund is expected no later than March 2025.
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