Markets
First Bitcoin, soon Ethereum. Here’s what the next cryptocurrency ETF will look like – DL News
- Hashdex has filed for a dual Bitcoin and Ethereum ETF
- If approved in its current form, it could form the basis for a crypto index.
- Hashdex has already issued several cryptocurrency index funds in Brazil.
A new type of cryptocurrency exchange fund could see the light of day.
Crypto asset manager Hashdex has filed a dual Bitcoin and Ethereum ETF with the Securities and Exchange Commission.
Right now, spot Bitcoin ETFs allow investors to bet on the performance of Bitcoin through their brokerage accounts.
And spot ETFs on Ethereum, expected this summerit will do the same for Ether.
But the Hashdex double fund, if approved, would allow investors to gain exposure to the two largest cryptocurrencies in terms of market value as a whole, without worrying about which one will outperform.
The move “makes a lot of sense,” Bloomberg Intelligence ETF analyst James Seyffart said in a statement send.
Seyffart also noted that the application contained language that would allow Hashdex to add other cryptocurrencies to the fund in the future, if the SEC decides to approve them.
This would turn the fund into a sort of crypto index.
Join the community to get our latest stories and updates
Hashdex has already done this released more crypto index funds in Brazil.
Its Nasdaq crypto index contains Bitcoin, Ethereum, and nine other coins: Solana, Ripple, Cardano, Chainlink, Litecoin, Polygon, Avalanche, Uniswap, and Polkadot.
Bitcoin represents 65% of that fund, Ethereum 25% and Solana 4.6%. The other tokens have weights of less than 1% each.
Hashdex also boasts a DeFi index fund, a web3 index fund, and a metaverse index fund, each with at least a dozen cryptocurrencies.
“Bringing something like this to the United States makes perfect sense as a future goal,” Seyffart said.
Hashdex is in the running, along with eight other issuers, to launch a spot ETF on Ethereum.
It also converted its Bitcoin futures fund into a spot Bitcoin ETF in March.
The SEC has until March 2025 to respond to the double bottom request.
Tom Carreras is a markets correspondent at DL News. Do you have a tip about Bitcoin ETFs and the Fed? Please contact tcarreras@dlnews.com.