Brazilian cryptocurrency asset manager Hashdex intends to launch a hybrid spot exchange-traded fund (ETF) that tracks the value of Bitcoin and Ethereum.
"The Shares are designed to provide a straightforward means of obtaining
investment exposure to bitcoin and ether through the public securities market, as opposed to direct acquisition, holding, and trading of spot crypto assets on a peer-to-peer or other basis or via a crypto asset platform," the filing says.
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Hashdex plans to simultaneously use at least two custodians for the ETF (BitGo and Coinbase).
The Hashdex Nasdaq Crypto Index US ETF will be capitalization-weighted, with Bitcoin (BTC) accounting for 70.54% of the portfolio. The weightings will be adjusted on a quarterly basis to reflect changes in market value.
Hashdex also did not rule out that other digital currencies will be added to the mix. However, such changes would need to be approved by the SEC first.
The asset manager's Brazil-based crypto index ETF includes such assets as Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), and Polygon (MATIC) on top of Bitcoin and Ethereum.
As noted by Bloomberg Intelligence analyst James Seyffart, bringing such a product to the US would make "complete sense as a future goal." He opined that "people who believe digital assets have broader use than just what Bitcoin currently offers," adding that such a product would make "a ton of sense" for advisors that want diversified exposure to the cryptocurrency space.
As reported by U.Today, Hashdex withdrew its ETF proposal that was supposed to combine futures-based Ether contracts and spot-based Ether in late May.
The approval deadline for its new proposal should be around March 2025, according to Seyffart.