Hashdex Files to Issue Joint Bitcoin, Ethereum ETF

Cryptocurrency

Brazilian crypto asset manager Hashdex aims to offer an ETF that will include Bitcoin and Ethereum, potentially becoming the first US fund based on a crypto index.

Hashdex has filed to create the Hasdex Nasdaq Crypto Index US ETF, initially focusing on the performance of the two largest cryptocurrencies by market capitalization and considering the possibility that the fund could add other crypto assets. Bitcoin and ether are part of the Nasdaq Crypto US, which tracks the performance of a number of digital assets.

“If any crypto asset other than bitcoin and ether becomes eligible for inclusion in the Index, the Sponsor will transition to a sample replication strategy with only bitcoin and ether in the proportions determined by the Index,” Wednesday’s filing said.

Nasdaq, where the product will be listed, will need to file for a 19b-4 rule change “to obtain approval to change the listing rules to allow Hashdex to hold the new Index Components.”

Read More: Hashdex’s DEFI Starts Trading as Spot Bitcoin ETF

The filing comes just two days after nine spot Ethereum ETFs began trading and less than eight months after spot bitcoin ETFs were launched. The products reflect efforts by asset managers to meet growing demand for cryptocurrency-focused investments. The latest products have generated about $17.5 billion in inflows and currently manage about $55 billion in assets, according to data from U.K. asset manager Farside Investors.

Emitters Turn to Solana ETF

Earlier this month, 21Shares became the second-largest issuer after VanEck to file with the SEC for an ETF based on the spot price of Solana, the world’s fifth-largest cryptocurrency by market cap, prompting market watchers to speculate about other cryptocurrencies that could receive the same treatment.

Read More: 21Shares Files for Spot Solana ETF

Hashdex’s spot bitcoin fund, the Hashdex Bitcoin ETF (DEFI), has generated about $12 million in assets since it was listed in March, more than two months after 10 other spot bitcoin ETFs launched. The company has chosen not to pursue a spot Ethereum fund.

Bitcoin was recently trading at around $67,450, up 4% in the past 24 hours, according to CoinMarketCap data, while ether was changing hands at around $3,250, up 3.5% in the same period. Both assets have risen in the past 18 months, especially bitcoin.

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