Hashdex wants innovative crypto ETF

Yesterday, Tuesday, Nasdaq published the 19b-4 application for a new Hashdex Nasdaq Crypto Index US ETF. The special feature: the crypto index fund will track both Bitcoin and Ethereum. The crypto asset manager's new push comes after the SEC approved Bitcoin spot ETFs earlier this year and several 19b-4 applications for Ethereum spot ETFs in May.

Bloomberg expert Seyffart said with a touch of irony, "Hashdex has just applied for an ETF that includes both Ethereum and Bitcoin, with the allocation based on their market capitalization. This should not surprise anyone, as it is a very logical move."

Hashdex previously decided not to pursue the Ethereum Spot ETF application for now. Unlike BlackRock or Fidelity, the company was not part of the group of issuers whose 19b-4 filings were approved.

In any case, the SEC has yet to approve the S1 registration forms for the Ethereum ETFs as part of a two-phase process. Meanwhile, Hashdex is apparently focusing on the new, innovative "hybrid ETF."

According to the application, the Hashdex Nasdaq Crypto Index US ETF will also hold cash assets, but no other cryptocurrencies. If approved, Coinbase and BitGo will act as the custodians, with the final deadline for the SEC in March 2025.

This is the first U.S. spot ETF application to include more than one cryptocurrency. Based on weighting by market capitalization, the ETF would currently invest approximately 74% in Bitcoin and 26% in Ether.