Hashedex, a Brazilian asset management firm, has filed with the Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) that would track both Ethereum and Bitcoin.
If approved, the ETF is planned to be listed on Nasdaq, thereby becoming accessible to a wide spectrum of investors, including institutional players and retail participants.
According to the filing, the ETF aims to offer investors a portfolio comprising 70.54% exposure to Bitcoin and 29.46% to Ethereum.
James Seyffart, Senior ETF Analyst at Bloomberg Intelligence, indicated that the SEC approval deadline is projected for March 2025.
“The pursuit of innovation remains ongoing as regulators consider new tokens, with Ethereum poised to be next,” commented Laurent Kssis, an independent board member of Issuance Swiss AG.
Similar ETPs Available in Europe
While Hashdex’s proposal represents a unique approach in the U.S. market, similar offerings have already gained popularity in Europe.
Asset management firm 21Shares has been a leader in providing crypto exchange-traded products (ETPs). Their lineup includes ETPs tracking individual cryptocurrencies like Bitcoin and Ethereum, as well as diversified products that bundle multiple cryptocurrencies.
In Germany, the Xetra electronic trading platform lists a variety of crypto ETPs from 21Shares and other providers such as ETC Group. These products have garnered positive reception, reflecting strong investor demand for regulated and transparent avenues to invest in digital assets.
Moreover, exchanges like the Nordic Growth Market in Sweden and the SIX Swiss Exchange have also embraced crypto ETPs, offering diverse product offerings. The European markets serve as a valuable example of how such products can successfully integrate into the financial landscape.
“We observed similar exposure or baskets in Europe as early as 2019 in the form of an ETP, so suggesting this in the U.S. and preparing for approval of the underlying assets seems like a natural proposition,” remarked Kssis.
He emphasized the importance of positioning oneself as an early mover, noting that issuers are eager to pioneer such offerings.
Hashdex’s ETF filing holds particular significance due to the SEC’s traditionally careful stance on crypto ETFs.
