Bitcoin

James

Hashdex has proposed in a June 18 filing with the United States Securities and Exchange Commission (SEC) to create a combined spot Bitcoin (BTC) and Ether (ETH) exchange-traded fund (ETF) on the Nasdaq exchange.&nbsp;
The proposed ETF would balance the crypto assets according to their market capitalizations, cited as 70.54% Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) and 29.46% Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) on May 27. Its passive investment strategy would track the daily market movement on the Nasdaq Crypto US Settlement Price Index without trying to “beat” it.
<h2 id="an-etf-with-the-best-of-all-worlds">An ETF with the best of all worlds</h2>
A combined-asset ETF “makes a lot of sense,” analyst James Seyffart <a href="https://x.com/JSeyff/status/1803084483995820443" target="_blank" rel="noopener nofollow">said</a>. The ETF would not invest in other spot assets besides BTC and ETH. However, it added:
<blockquote data-ct-non-breakable="true">
 “In the event that any other crypto asset is included (other than bitcoin or ether), or is eligible for inclusion as an Index Constituent […], the Sponsor will transition the Trust’s investment strategy […], with only bitcoin and ether in the same proportions determined by the Index.” 
</blockquote>
Crypto assets are eligible for inclusion under a set of rules that “includes being currently listed on a U.S.-regulated digital asset trading platform or serving as the underlying asset for a derivative instrument listed on a U.S.-regulated derivatives platform,” the filing said.
Related: <a href="https://cointelegraph.com/news/former-binance-us-ceo-joins-hashdex-board">Former Binance​.US CEO joins Hashdex board</a>
Both Coinbase and BitGo will serve as custodians for the BTC and ETH assets. They will offer segregated accounts for individual shareholders.
<h3 id="hashdex-innovates-etf-structures">Hashdex innovates ETF structures</h3>
Brazil-based investment manager Hashdex filed with the SEC to create an ETH ETF but later <a href="https://cointelegraph.com/news/hashdex-withdraws-spot-ether-etf-application">withdrew its application</a>. Its indexed crypto ETF traded in Brazil contains nine coins, with BTC and ETH accounting for nearly 92% of the value. Its U.S.-traded spot BTC ETF <a href="https://cointelegraph.com/news/hashdex-11th-approved-spot-bitcoin-etf-united-states">contains up to 5%</a> BTC futures contracts and <a href="https://cointelegraph.com/news/hashdex-joins-race-for-spot-bitcoin-etf-with-unique-strategy">acquires the spot asset</a> on the CME.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-06/023141b4-3aba-42c0-b050-02fc5e252e6d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/JSeyff/status/1803087413088043124" target="_blank" rel="noopener nofollow">James Seyffart</a>
 </figcaption>
</figure>
Hashdex is still required to file and receive SEC approval on an S-1 application. The agency has 90 days to respond to the 19-b4, during which time it will accept comments from the public and other financial institutions on the proposal. According to Seyffart, a final SEC decision on the fund should be seen no later than March 2025.
Magazine: <a href="https://cointelegraph.com/magazine/spot-ethereum-etf-ether-price-bitcoin-patrick-scott-dynamo-defi-hall-of-flame/">Ethereum’s recent pullback could be a gift: Dynamo DeFi, X Hall of Flame</a>

Hashdex files with SEC for combined spot Bitcoin and Ether ETF

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Cointelegraph

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