Hashdex has filed an S-1 form to launch a pioneering exchange-traded fund (ETF) that will directly hold spot Bitcoin and Ethereum. Filed on Wednesday with the US Securities and Exchange Commission (SEC), this marks a significant milestone as it proposes the first index-based crypto ETF in the United States.
This step follows Nasdaq’s Form 19b-4 filing last month. That form is necessary for listing new ETFs and details the changes in the requisite trading rules.
The Crypto Index ETF Will Include More Assets in the Future
The Hashdex Nasdaq Crypto Index, US ETF, will be listed on Nasdaq. Moreover, it is designed according to the Nasdaq Crypto Index US methodology.
Coinbase Custody Trust Company, LLC, and BitGo Trust Company, Inc. will serve as custodians. They aim to ensure secure storage solutions for the digital assets under management.
Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?
Hashdex’s strategic timing for this filing comes just after the launch of Ethereum ETFs earlier this week. This has broadened the market’s acceptance of crypto products.
Further supporting this broader acceptance, Matt Hougan, CIO at Bitwise, earlier predicted that the approval of Ethereum ETFs would catalyze a new era for crypto-based ETFs.
“Long term, as we look into 2025, we will enter an ETF era of crypto. We are going to see ETFs on multiple crypto assets, we are going to see index-based ETFs,” Hougan said.
The proposed Hashdex ETF will allocate its holdings based on market cap, with Bitcoin making up 70.54% and Ethereum 29.46%.
“The firm can add other assets if and when approved by the US Securities and Exchange Commission (SEC),” Bloomberg ETF analyst James Seyffart said.
This initiative by Hashdex could potentially open the gates for more varied crypto ETFs. Nate Geraci, the President of the ETF store, hinted at an upcoming filing that might also include Solana (SOL), although the current Hashdex ETF has not incorporated SOL. This is due to the lack of SEC approval for a Solana-specific ETF.
Active discussions about Solana on platforms such as Franklin Templeton’s X (formerly Twitter) account support this view. Franklin Templeton recently praised Solana’s adoption rates and technological advancements, sparking speculation that the firm might soon pursue an ETF for Solana itself.
So far, two issuers, 21Shares and VanEck, have filed for spot Solana ETFs. Such developments signal a significant shift in investment strategies, merging traditional asset management approaches with the crypto sector.
Read more: Solana ETF Explained: What It Is and How It Works
Consequently, the SEC’s response to these filings will be pivotal. It may set the tone for the future of crypto investments within regulated financial markets
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