Hashdex, a cryptocurrency asset manager based in Brazil, says it will start a hybrid spot exchange-traded fund (ETF) that will follow the prices of both Bitcoin and Ethereum.
The filing states :
“The Shares are designed to provide a straightforward means of obtaining investment exposure to bitcoin and ether through the public securities market, as opposed to direct acquisition, holding, and trading of spot crypto assets on a peer-to-peer or other basis or via a crypto asset platform.”
The ETF is called the Hashdex Nasdaq Crypto Index US ETF, and it will be capitalization-weighted. Bitcoin will make up 70.54% of the stock. The weightings will be changed every three months to reflect changes in the market value. Hashdex wants to use BitGo and Coinbase as at least two custodians for the ETF.
Hashdex’s Future Asset Plans
Hashdex is yet to confirm for sure that other digital currencies will not be added to the ETF in the future, but any changes would need to be approved by the SEC. Along with Bitcoin and Ethereum, the company’s crypto index ETF based in Brazil already holds assets like Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), and Polygon (MATIC).
James Seyffart, a Bloomberg Intelligence expert, said that putting this kind of product on the market in the US would be a natural next step. He said that a product like this would appeal to people who think digital assets can be used for more than just Bitcoin at the moment. He also said that it would make “a ton of sense” for managers who want to spread their risk in the cryptocurrency space.
https://x.com/JSeyff/status/1803087413088043124
Hashdex had pulled an ETF plan in late May that would have combined futures-based Ether contracts with spot-based Ether. Seyffart says that the date for approval of its new plan will be around March 2025.
