Hashdex has filed for a combined spot Bitcoin and Ethereum ETF in the United States. If approved, this might be a revolutionary tool to promote cryptocurrencies into financial world.
Building on recent SEC crypto fund approvals, crypto asset management firm Hashdex wants to make a major step nobody has foreseen. We now have Bitcoin ETFs, we will soon have Ethereum ETFs. But joint ETFs that directly hold both of the leading cryptocurrencies will be a major shift.
According to the filing submitted to Nasdaq, the ETF will include cash holdings, with Coinbase Custody and BitGo designated as custodians. Interestingly, the fund would primarily hold Bitcoin (70.54%) and Ethereum (29.46%), mirroring the relative weightings of these two dominant cryptocurrencies on the market.
It is also noted that the index could potentially incorporate additional crypto assets in the future. To be included, the asset would need to meet specific criteria, for instance, to be listed on a U.S.-regulated platform or serving as the underlying asset for a derivative instrument on such a venue.
As we all remember, Bitcoin ETFs were approved by SEC in January. That resulted in a significantly fast surge, followed by halving, which also helped BTC gain bullish momentum.
As for Ethereum ETFs, SEC's Gary Gensler said the that he anticipates that they will begin trading this summer.
Hashdex's previous efforts to transition its Bitcoin futures ETF to one holding physical BTC directly went south.
The company was unable to secure approval before its competitors' launch in January.