Hashdex Makes Bold Move with Combined Bitcoin and Ethereum ETF Filing

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  • Hashdex files for a combined Bitcoin and Ethereum ETF, making a significant move in the crypto ETF landscape.
  • Nasdaq submits an application to the SEC to list the innovative Hashdex Nasdaq Crypto Index US ETF.

Following a recent update, Nasdaq filed an application with the SEC to list a hybrid spot and futures Ethereum ETF for Hashdex. As highlighted by CNF, this filing underscores significant influence in the crypto ETF landscape. The proposed offering is named the Hashdex Nasdaq Ethereum ETF.

Nate Geraci, President of ETFStore, recently tweeted about the 19b-4 filing for a combined spot Bitcoin and Ethereum ETF. This filing is for the Hashdex Nasdaq Crypto Index US ETF.

Notably, the proposed ETF will be managed and controlled by Hashdex but administered by Tidal ETF Services LLC. This follows the SEC’s approval after the filing of an S-1 application. Similar to other spot crypto ETF issuers, Hashdex plans to enter into an agreement with Coinbase Custody Trust Company and BitGo Trust Company to serve as custodians for the underlying digital assets of the ETF.

Navigating the Crypto Market Landscape

This innovative financial product aims to track the daily changes in the net asset value (NAV) of the Shares against the Nasdaq Crypto US Settlement Price Index, providing an alternative method for investors to access the growing crypto asset market.

Apart from combining digital assets, BTC and ETH, the potential ETF is similar to the single-asset ETFs greenlighted by the U.S. SEC this year. It is designed to offer institutional investors and retail traders investment exposure to Bitcoin and Ethereum via the public securities market without the need to hold the cryptocurrencies directly.

Furthermore, Bloomberg ETF Research Analyst, James Seyffart, suggested that Grayscale might be attempting to replicate the conditions that led to the approval of their GBTC Bitcoin ETF.

Recent Developments and Market Reactions

This new development comes just three weeks after Hashdex withdrew its spot Ethereum ETF application, a week after the U.S. SEC approved similar proposals from eight other issuers, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest, 21Shares, Invesco, Galaxy, and BlackRock.

About a month ago, Grayscale followed suit, withdrawing its application for the Ethereum Futures ETF, initially without explanation, sparking speculation among analysts.

As reported by CNF, BlackRock is advancing its Ethereum spot ETF, aiming for a July 4th launch. Analysis suggests potential approval within weeks. BlackRock recently revised its S-1 registration statement for a spot Ethereum ETF, filed on May 29, supplementing the initial registration from November 2023, indicating significant progress towards its launch.

Bitcoin (BTC) showed a price of $65,273.96 with a slight increase of 0.51% hourly after a decrease of 2.46% in the past week.

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