Brazilian cryptocurrency asset manager Hashdex intends to launch a hybrid spot exchange-traded fund (ETF) which tracks the value of Bitcoin and Ethereum.
Brazilian cryptocurrency asset manager Hashdex intends to launch a hybrid spot exchange-traded fund (ETF) which tracks the value of Bitcoin and Ethereum.
“The Shares are designed to provide an easy means of obtaining
investment exposure to bitcoin and ether through the public securities market, rather than by directly acquiring, holding and trading cryptoassets on a peer-to-peer or other basis or through a cryptoasset platform,” the filing says.
Alex DovbnyaHashdex plans to simultaneously use at least two custodians for the ETF (BitGo and Coinbase).
The US Hashdex Nasdaq Crypto Index ETF will be capitalization-weighted, with Bitcoin (BTC) representing 70.54% of the portfolio. Weights will be adjusted quarterly to reflect changes in market value.
Hashdex also did not rule out other digital currencies being added to the mix. However, such changes would first have 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 Bloomberg Intelligence analyst James Seyffart noted, bringing such a product to the United States would make “total sense as a future goal.” He opined 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 ETF proposal that was supposed to combine futures-based Ether contracts and spot Ether at the end of May.
The deadline for approval of his new proposal should be around March 2025, according to Seyffart.
