Key Points
- Hashdex has submitted an S-1 registration statement for the first index-based US crypto ETF holding Bitcoin and Ethereum.
- ETH ETFs witnessed $176.2 million inflows, while Grayscale saw $326.9 million outflows.
Crypto asset management firm, Hashdex, is making strides towards launching an innovative exchange-traded fund (ETF) that directly holds spot Bitcoin and Ethereum.
This move could potentially establish the first index-based crypto ETF in the United States. Hashdex has filed its S-1 registration statement with the U.S. Securities and Exchange Commission.
Hashdex’s ETF Plans
The proposed fund, called the Hashdex Nasdaq Crypto Index US ETF, plans to initially include Bitcoin and Ethereum. It could potentially include more assets as regulatory conditions change.
This development is a significant step forward for Hashdex’s vision in the crypto investment landscape. The S-1 filing by Hashdex states that if any crypto asset other than Bitcoin and Ethereum becomes eligible for inclusion in the Index, the Sponsor will transition to a sample replication strategy.
James Seyffart, a Bloomberg ETF Analyst, stated that the ETF will start with just Bitcoin and Ethereum but can add other assets if and when approved by the SEC.
Seyffart also suggested a potential date for the SEC’s final decision on the Hashdex Nasdaq Crypto Index US ETF. He indicated that the approval deadline should be around the first week of March 2025.
Recent Developments and Analysis
Interestingly, Hashdex’s recent filing coincides with the final approval for spot Ethereum ETFs that began trading just two days ago. Unlike these newly approved ETFs, Hashdex’s proposed combined spot cryptocurrency ETF notably excludes Ether staking from its offerings.
In the meantime, ETH ETFs have seen substantial inflows, while the Grayscale Ethereum Trust has experienced significant outflows. On the other hand, Bitcoin ETFs recorded inflows, with Grayscale’s GBTC and BlackRock’s IBIT attracting significant amounts.
