Nasdaq has formally submitted a proposal to the U.S. Securities and Exchange Commission (SEC) on behalf of asset manager Hashdex to launch a new and disruptive exchange-traded fund. As detailed in the 19b-4 filing, this pioneering product would seek direct exposure to both Bitcoin (BTC) and Ether (ETH) in a single investment vehicle, marking a potential milestone in the evolution of crypto-asset-based financial products.
The fund, to be named the Hashdex Nasdaq Crypto Index US ETF, proposes a passive management strategy that would replicate the Nasdaq Crypto US Settlement Price Index. This index weights assets according to their market capitalization, meaning the majority of the portfolio would be allocated to Bitcoin, followed by Ether. Thus, the proposal not only aligns with the current market structure but also offers a diversified and simple investment solution for those seeking exposure to the two main digital assets.
Hashdex’s initiative comes at a key moment for the industry, shortly after the historic approval of spot Bitcoin ETFs in January and regulatory progress for similar Ether-based products.
The firm’s central argument is that the SEC, by approving these investment vehicles, has already established a precedent and the necessary standards for the custody and valuation of these assets. Therefore, a combined Bitcoin and Ether ETF is the next logical step, leveraging an already validated regulatory framework that ensures investor protection.
A New Paradigm for Crypto Asset Investment
Should the SEC grant approval, the market implications would be significant. A Bitcoin and Ether ETF would dramatically simplify the entry of both retail and institutional capital into the crypto ecosystem, eliminating the need to manage two separate positions and reducing operational complexity. Furthermore, the legitimacy that such a product would confer on crypto assets could attract more conservative investors, further solidifying the role of cryptocurrencies within traditional finance and encouraging broader mainstream adoption.
Hashdex’s proposal is not just another application, but a strategic move that challenges regulators to consistently apply already established criteria. The outcome of this filing will be a key barometer for the future of cryptocurrency investment products in the United States.
A definitive approval would not only validate the approach of a Bitcoin and Ether ETF but could also open the door to more complex funds that include a wider basket of digital assets, forever transforming the investment landscape of the sector and offering new opportunities for portfolio diversification.
