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Hashdex Files for First US ETF to Hold Both Bitcoin and Ethereum

Snapshot

Hashdex, a crypto asset manager, has filed an application for the first exchange-traded fund (ETF) in the United States to directly hold both spot Bitcoin and Ethereum, potentially marking a significant step forward for crypto investment in the country.

Why It Matters

The approval of a joint Bitcoin and Ethereum ETF would provide investors with a convenient way to gain exposure to the two largest cryptocurrencies by market cap. This development could attract more mainstream investors to the crypto space and further legitimize digital assets as an investable asset class.

By the Numbers

  • The proposed ETF, named the Hashdex Nasdaq Crypto Index US ETF, would track the Nasdaq Crypto Index (NCI).
  • The NCI is a market-capitalization weighted index, with Bitcoin currently making up 70.54% and Ethereum comprising 29.46%.
  • The final SEC approval deadline for the Hashdex application is expected to be around the first week of March 2025.

What’s Next

If approved, the Hashdex ETF would be the first to directly hold both spot Bitcoin and Ethereum in the U.S. market. While the fund currently focuses on these two cryptocurrencies, the filing suggests that additional crypto assets could be incorporated in the future if they meet specific criteria, such as being listed on a U.S.-regulated platform or serving as the underlying asset for a derivative instrument on such a venue.

The Big Picture

The potential introduction of a joint Bitcoin and Ethereum ETF comes amidst a year of milestones for crypto funds in the U.S. With spot Bitcoin ETFs already trading and spot Ethereum ETFs expected to launch this summer, the approval of a combined ETF would further solidify the growing acceptance and mainstream adoption of cryptocurrencies as an investment vehicle.

As the crypto market continues to mature and regulatory clarity improves, it is likely that we will see more innovative investment products that provide investors with diverse exposure to the digital asset space. The Hashdex filing is just one example of how the crypto investment landscape is evolving to meet the needs of both institutional and retail investors.

What are your thoughts on the potential impact of a joint Bitcoin and Ethereum ETF on the crypto market? Leave a comment below to share your insights!

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