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Hybrid ETF on Bitcoin and Ethereum proposed by Hashdex
Alex Dovbnja
Hashdex wants to launch an ETF that provides combined exposure to Bitcoin and Ethereum
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Brazilian cryptocurrency asset manager Hashdex plans to launch a hybrid spot fund (ETF) which tracks the value of Bitcoin and Ethereum.
“Shares are designed to provide an easy means to obtain
investment exposure to bitcoin and ether through the public securities market, as opposed to the direct acquisition, holding and trading of spot cryptocurrencies on a peer-to-peer or other basis or via a cryptocurrency platform,” the document reads .
Hashdex plans to use at least two custodians for the ETF (BitGo and Coinbase) simultaneously.
The Hashdex Nasdaq Crypto Index US ETF will be cap-weighted, with Bitcoin (BTC) accounting for 70.54% of the portfolio. Weights will be adjusted on a quarterly basis to reflect changes in market value.
Furthermore, Hashdex does not rule out that other digital currencies will be added to the mix. However, such changes would first need to be approved by the SEC.
The asset manager’s Brazil-based crypto index ETF includes assets such as Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), and Polygon (MATIC) in addition to Bitcoin and Ethereum.
As noted by Bloomberg Intelligence analyst James Seyffart, bringing such a product to the United States would “make complete sense as a future goal.” He he thought that “people who believe digital assets have a broader use than Bitcoin currently offers,” adding that such a product would make “a lot of sense” for advisors who want diversified exposure to the cryptocurrency space.
AS reported by U.TodayHashdex withdrew its proposed ETF that would have combined futures-based Ether and spot-based Ether contracts in late May.
According to Seyffart, the deadline for approval of the new proposal should be around March 2025.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.