Hybrid Spot Trading ETF by Brazilian Hashdex Targets Bitcoin and Ethereum Value
Brazilian crypto asset management firm Hashdex plans to launch a hybrid spot trading ETF that tracks the value of Bitcoin and Ethereum.
The filing states: “The shares are designed to provide a direct means of obtaining investment exposure to Bitcoin and Ether through the public securities market, rather than through direct acquisition, holding, and trading of spot crypto assets on a peer-to-peer basis or otherwise through a crypto asset platform.”
Hashdex plans to use at least two custodians for the ETF (BitGo and Coinbase) simultaneously. The Hashdex Nasdaq Crypto Index US ETF will be weighted by market capitalization, with Bitcoin (BTC) representing 70.54% of the portfolio. The weights will be adjusted quarterly to reflect changes in market capitalization.
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Hashdex has not ruled out adding other cryptocurrencies to this mix. However, such changes would require approval from the Securities and Exchange Commission (SEC).
The Brazilian asset manager’s cryptocurrency ETF index includes assets such as Solana (SOL), XRP, Cardano (ADA), Litecoin (LTC), and Polygon (MATIC), in addition to Bitcoin and Ethereum.
James Seyffart, an analyst at Bloomberg Intelligence, noted that bringing such a product to the U.S. would be “completely logical as a future target.” He observed that “people who believe that digital assets have a broader use than just what Bitcoin currently offers” would find such a product “extremely sensible,” especially for advisors looking to diversify into the crypto space.
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In late May, Hashdex withdrew an ETF proposal that was supposed to combine futures-based Ether contracts and spot Ethereum. According to Seyffart, the deadline for approval of their new proposal should be around March 2025.
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