Hashdex aims for first dual Bitcoin-Ethereum ETF in the U.S.

Hashdex has submitted a proposal to the Securities and Exchange Commission (SEC) to create an exchange-traded fund (ETF) that will hold both Bitcoin and Ethereum.

The proposed ETF, called the Hashdex Nasdaq Crypto Index US ETF, is designed to offer investors stakes in the two most prominent cryptocurrencies, mirroring their distributions in the Nasdaq Crypto Index.

This initiative marks a significant step towards the integration of digital assets into traditional financial instruments, potentially expanding the accessibility of cryptocurrencies to a wider range of investors.

The composition of the ETF mirrors the Nasdaq Crypto Index; Bitcoin and Ethereum make up approximately 70.54% and 29.46% of the fund, respectively.

This structure adheres to a market cap-weighted strategy, which is indicative of the index’s broader cryptocurrency market representation.

The fund will be backed by custodians Coinbase Custody Trust Company and BitGo Trust Company and will maintain cash reserves.

While the initial focus is on Bitcoin and Ethereum, the ETF may consider including additional digital assets in the future, subject to SEC approval.

The filing comes amid a positive regulatory environment, following the SEC’s approval of Bitcoin spot ETFs and the anticipated entry of Ethereum ETFs into the US market.

SEC Chairman Gary Gensler’s recent comments to a Senate committee signal the possibility of Ethereum ETFs trading by this summer.