Crypto asset management firm Hashdex has filed an application to launch an ETF backed by Bitcoin and Ethereum, the two largest cryptocurrencies by market cap. The application was discovered in a form 19b-4 from the Nasdaq stock exchange, requesting permission from the SEC to list shares of the Hashdex Nasdaq Crypto Index US ETF.

The ETF's exposure to Bitcoin and Ethereum will be market cap weighted, with a 70.54% allocation to BTC and a 29.46% allocation to ETH, based on May 27 prices. The fund will not seek performance that is the multiple or inverse multiple of the Trust’s index and will not stake any of the Ethereum held with the fund to earn yield.

The application follows the listing of Bitcoin spot ETFs in January and the SEC's recent confirmation that Ethereum spot ETFs will go live this summer. Unlike other crypto ETFs, the fund intends to use multiple custodians for its assets, including Coinbase and BitGo.

While Hashdex's filing stated it would not invest in any other spot crypto asset besides Bitcoin and Ethereum, some of its language left room for the inclusion of other cryptos, should they be approved as commodities by regulators. The final deadline for the SEC to approve or deny the product will be March 2025.