Asset management firm Hashdex has submitted an SEC application via Form S-1 to launch the Hashdex Nasdaq Crypto Index US ETF, based on Bitcoin and Ethereum.
According to the document, the product will initially engage with only two digital assets, but the firm may later add other cryptocurrencies, “considering the standards of the Securities Act.”
“If any crypto asset other than Bitcoin and Ethereum becomes eligible for inclusion in the fund, [the issuer] will move to a sampling replication strategy using only BTC and ETH in similar proportions,” the application states.
In June, Nasdaq published the firm’s corresponding proposal via Form 19b-4, which will serve as the platform for ETF trading.
Bloomberg analyst James Seyffart explained that the fund could add new assets “if and when approved by the SEC.”
Update: @hashdex has filed an S-1 for their Crypto Index ETF. Will start with just #Bitcoin & #Ethereum but can add other assets if and when approved by the SEC. https://t.co/W3uHyv9MYn pic.twitter.com/DFXouwu4IK
— James Seyffart (@JSeyff) July 24, 2024
If launched, the custodians for Hashdex’s ETF will be Coinbase Custody Trust Company and BitGo Trust Company.
On July 23, trading began in the US for spot Ethereum funds from nine issuers.
Amid an outflow of $326.9 million from Grayscale’s ETHE on the second day after launch, the underlying asset fell below $3200.