Hashdex has submitted a proposal to the Securities and Exchange Commission to create an exchange-traded fund that would include both Bitcoin (BTC) and Ethereum (ETH). The proposed ETF, named Hashdex Nasdaq Crypto Index US ETF, aims to provide investors with exposure to two major cryptocurrencies, mirroring their distribution in the Nasdaq Crypto Index.
The ETF is comprised of approximately 70.54% Bitcoin and 29.46% Ethereum and follows a market capitalization weighted strategy that reflects the broader cryptocurrency market as represented by the Nasdaq Crypto Index.
This initiative represents a significant advance in the integration of digital assets into existing financial products and could potentially expand the accessibility of cryptocurrencies to a wider range of investors. The fund is backed by custodians Coinbase (NASDAQ:COIN) Custody Trust Company and BitGo Trust Company and maintains cash reserves.
Although initially focused on Bitcoin and Ethereum, the ETF may consider including additional digital assets in the future, pending SEC approval. This proposal comes amid a favorable regulatory environment, with the SEC approving a Bitcoin spot ETF and the expected introduction of an Ethereum ETF into the US market.
SEC Chairman Gary Gensler recently told a Senate committee that an Ethereum ETF could begin trading by this summer.
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