Cryptocurrency asset management firm Hashdex has taken the next step in its plans to launch an exchange-traded fund (ETF) that directly owns physical bitcoin and ether, creating the first index-based cryptocurrency ETF in the United States.
Hashdex filed a registration statement, also known as an S-1, with the U.S. Securities and Exchange Commission on Wednesday. The fund, called the Hashdex Nasdaq Crypto Index US ETF, will hold bitcoin and ether, but could later hold more assets depending on how the regulatory environment evolves.
“If any other crypto assets other than Bitcoin and Ether become eligible for inclusion in the Index, the Sponsor will transition to a sample replication strategy that includes only Bitcoin and Ether in the same proportions determined by the Index,” the company said in its S-1 filing. “If the Trust changes course and seeks to revert to a full replication strategy, the Exchange will need to file a rules filing with the SEC pursuant to Rule 19b-4 of the Securities Exchange Act to obtain approval to amend its listing rules to allow the Trust to hold the new index constituent.”
The fund may add other assets “if the SEC approves,” Bloomberg ETF analyst James Seifert wrote in a post on X on Wednesday.
Hashdex’s application comes two days after a spot Ethereum ETF received final approval. Sign off Start trading. Hashdex was not included in the group that included big names like BlackRock and Fidelity, which started trading on Tuesday, because it decided not to proceed with its proposal for a spot Ethereum ETF. The fund is almost 2 billion dollars Cumulative trading volume as of Wednesday afternoon.
The Hashdex Nasdaq Crypto Index US ETF will be listed and traded on Nasdaq. Based on the Nasdaq Crypto Index US methodology. Nasdaq contaminated Form 19b-4 for the fund last month.
Upon launch, Coinbase Custody Trust Company, LLC and BitGo Trust Company, Inc. will serve as custodians.
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About the Author
Sarah is a reporter covering policy, regulation, and legal issues for The Block. Previously, Sarah was a securities regulation reporter at CQ Legal, where she first began reporting on cryptocurrencies. Sarah has also written for other financial publications, including The Bond Buyer and American Banker. She graduated from the University of Missouri with a degree in print and digital journalism. Sarah lives in Washington, D.C., and is an avid coffee drinker. You can follow her on Twitter @ForTheWynn.