A cryptocurrency asset management platform based in Brazil, Hashdex has applied for the approval of a dual ETF, which includes both Bitcoin and TH, the world’s largest cryptocurrency. This upgrade comes as The Race to the Spot Ethereum ETF It is hotly awaiting an official appearance before the end of the year.
Hashdex Files Combined Bitcoin and Ethereum ETF
On June 18 X (formerly Twitter) posted, Bloomberg analyst James Seyffart revealed Hashdex’s latest 19b-4 entry for the combined Bitcoin and Ethereum ETF. Earlier on May 24, the crypto asset management company he stepped back its application for the Spot Ethereum ETF, is sending its withdrawal notice one day after the SEC approved the ETH ETF applications.
Hashdex takes a new approach to the cryptocurrency ETF market, choosing enter the Bitcoin and Ethereum Dual ETF, instead of an individual ETF. According to Seyffart, if the United States Securities and Exchange Commission (SEC) approves Hashdex’s new ETF application, the crypto asset management company will become the first ever provider of a Spot Bitcoin and ETH ETF.
The Bloomberg analyst also revealed that Hashdex’s dual crypto ETF will be a market-weighted asset. This means that the ETF will be weighted based on the total market capitalization of both Ethereum and Bitcoin.
In the filing, the percentage of Bitcoin within the combined ETF will amount to 70.54%, while Ethereum will remain at 29.46%. The Hashdex filing also revealed that other crypto assets could be added to its Bitcoin and Ethereum dual ETF. However, only goods that meet certain criteria and are eligible for inclusion will be included.
Seyffart again noted that Hashdex already manages a crypto index ETF in Brazil. This ETF includes a variety of crypto assets, with Bitcoin and ETH making up 90% of its holdings. As a result, the inclusion of a dual crypto ETF asset management firm in the United States is not surprising and effectively aligns with Hashdex’s strategic future goals.
A Bloomberg analyst did as well revealed that Hashdex will use at least two of its custodians Bitcoin and Ethereum ETF. The filing of the application revealed that the company has started plans to enter into an agreement with it Coinbase Custody Trust CompanyLLC and BitGo Trust Company, Inc to maintain custody of all Bitcoin and Ethereum assets of the trust.
When Will Ethereum Spot ETFs Start Trading?
A crypto analyst identified as ‘Crypto Capo’ on X has predicted that Ethereum Spot ETFs S-1 approval and official trading will begin in the next few weeks. This forecast is in line with Bloomberg Senior Analyst, Eric Balchunas who predicted the Ethereum Spot ETF would have made its debut on July 2, 2024.
When the US SEC approved the 19b-4 forms of eight Spot ETH ETFthe regulator still needs to approve the S-1 registration statements to start trading the ETH ETF. Gary GenslerThe SEC Chairman, indicated last week that the S-1 approval will likely come sometime by the end of the summer.
Meanwhile, Seyffart revealed that the SEC approval deadline for Hashdex’s combined Bitcoin and Ethereum ETF is scheduled for the first week of March 2025.
The featured image was created with Dall.E, a chart from Tradingview.com
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