Asset Manager Hashdex Submits Filing for Bitcoin-Ethereum ETF
Brazilian asset management firm Hashdex has officially filed with the Securities and Exchange Commission (SEC) for the creation of a combined Bitcoin and Ethereum exchange-traded fund (ETF). If approved, the ETF will be listed on the Nasdaq, opening it up to a wide range of investors, from institutional players to retail participants.
According to the filing, the ETF will provide investors with 70.54% exposure to Bitcoin and 29.46% exposure to Ethereum. The deadline for SEC approval is expected to be in March 2025, according to James Seyffart, Senior ETF Analyst at Bloomberg Intelligence.
This move by Hashdex highlights the ongoing race for innovation, as regulators are increasingly accepting new tokens, with Ethereum being the next on the list, according to Laurent Kssis, an independent board member of Issuance Swiss AG.
While Hashdex’s proposal is unique in the US market, similar products have already gained traction in Europe. Asset management firm 21Shares has been a leader in offering crypto exchange-traded products (ETPs), including ETPs that track individual cryptocurrencies like Bitcoin and Ethereum, as well as diversified products that bundle multiple cryptocurrencies.
In Germany, Xetra, a prominent electronic trading platform, lists a variety of crypto ETPs, including those from 21Shares and other providers like ETC Group. These products have been well-received so far, reflecting the strong investor demand for regulated and transparent ways to invest in digital assets.
The Nordic Growth Market in Sweden and the SIX Swiss Exchange have also embraced crypto ETPs, offering a range of products. The success of these products in European markets serves as a useful case study for their integration into the financial ecosystem.
This filing by Hashdex is particularly significant, considering the SEC’s cautious approach to crypto ETFs in the past. By positioning themselves as first-movers, Hashdex and other issuers are eager to develop such innovative offerings.
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