Hashdex applies for a dual ETF for Bitcoin and Ethereum amid growing excitement around Spot Ethereum ETFs. The SEC may approve it by March 2025.
Hashdex, a cryptocurrency asset management platform headquartered in Brazil, has applied for an approved dual ETF of the two most prominent cryptocurrencies in the world, TH and Bitcoin. This news coincides with the growing excitement surrounding the Spot Ethereum ETF race, which is expected to debut formally before the year ends.
Hashdex Files Integrate Ethereum And Bitcoin ETFs
Bloomberg analyst James Seyffart revealed Hashdex’s most recent 19b-4 filing for a combined Bitcoin and Ethereum ETF in a post on June 18 on X (previously Twitter). One day after the SEC authorized applications for ETH ETFs, on May 24, the cryptocurrency asset management company announced the withdrawal of its Spot Ethereum ETF application.
Rather than filing a traditional separate ETF for each cryptocurrency, Hashdex is attempting something different in the market by filing a dual ETF for Bitcoin and Ethereum. Seyffart claims that Hashdex will become the first-ever Spot Bitcoin and Ethereum ETFs provider if the US Securities and Exchange Commission (SEC) accepts the company’s new ETF application.
Hashdex’s dual crypto ETF will also be a market-weighted asset, according to the Bloomberg analyst. This implies that the combined market capitalization of Bitcoin and Ethereum will determine the weighting of the ETF.
According to the filing, Bitcoin will make up 70.54% of the combined ETF, with Ethereum coming in at 29.46%. According to the petition, additional cryptocurrency assets may be added to Hashdex’s Bitcoin and Ethereum dual ETF. On the other hand, only assets that are qualified for inclusion and fulfill specific requirements will be included.
Seyffart added that Hashdex currently oversees an ETF for Brazilian cryptocurrency indexes. Ninety percent of this ETF’s holdings are cryptocurrency, with Bitcoin and ETH accounting for most of them. Therefore, it should not be surprising that the asset management company filed for a dual crypto ETF in the US, which effectively fits Hashdex’s long-term strategic objectives.
Additionally, the Bloomberg analyst revealed that Hashdex will use a minimum of two custodians for its Ethereum and Bitcoin ETFs. According to the filing, the business is preparing to sign a contract with BitGo Trust Company, Inc., and Coinbase Custody Trust Company, LLC, to maintain custody of the trust’s Ethereum and Bitcoin holdings.
When Do Spot ETFs for Ethereum Start Trading?
According to a cryptocurrency expert on X going by the handle “Crypto Capo,” Ethereum Spot ETF S-1 approval and official trading are expected to happen within the next few weeks. This prognosis coincides with Eric Balchunas, Senior Analyst at Bloomberg, who predicted that Ethereum Spot ETFs would launch by July 2, 2024.
Even though eight Spot ETH ETFs in the 19b-4 form have been approved by the US SEC, S-1 registration statements must still be certified by the agency to begin ETH ETF trading.SEC Chairman Gary Gensler stated last week that S-1 approvals would probably occur by the end of the summer.
In the meantime, Seyffart has disclosed that the first week of March 2025 is the deadline for the SEC to approve Hashdex’s combined Bitcoin and Ethereum ETF.
