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Hashdex Files S-1 for First ETF Holding Bitcoin and Ethereum in the US

Hashdex, a crypto asset management firm, has filed its registration statement, S-1, with the U.S. Securities and Exchange Commission for its Hashdex Nasdaq Crypto Index US ETF.

Notably, the move is a step in its plans to be the first index-based crypto ETF in the U.S. that will track some digital assets in the Nasdaq Crypto US Settlement Price Index.

Hashdex’s Crypto ETF Awaits SEC Nod

According to the firm’s S-1 pengarsipan, the Sponsor will shift to a sample replication strategy if any crypto asset apart from Bitcoin and Ethereum becomes eligible for inclusion in the Index. This will keep BTC and Ether in the Index’s specified proportions.

Should the Trust decide to return to a full replication strategy, it will need to file a rule change under Rule 19b-4 of the Exchange Act with the SEC to modify its listing rules for new Index Constituents.

In a post on X, Bloomberg ETF Analyst James Seyffart mentioned that the fund could add other assets once it receives SEC approval.

Update: @hashdex has filed an S-1 for their Crypto Index ETF. Will start with just #Bitcoin & #Ethereum but can add other assets if and when approved by the SEC. https://t.co/W3uHyv9MYn pic.twitter.com/DFXouwu4IK

— James Seyffart (@JSeyff) July 24, 2024

The S-1 filing, outlining the security Hashdex intends to offer, was submitted about five weeks after the company filed its 19b-4 form on June 18. The U.S. securities regulator acknowledged this filing in late June. If both filings are approved, the combined cryptocurrency ETF could officially list and trade.

Hashdex’s ETF will be weighted based on the free float market caps of the listed crypto assets. Currently, the weighting would be 76.3% BTC and 23.7% ETH.

Additional cryptocurrencies such as Litecoin (LTC), Chainlink (LINK), Uniswap (UNI), and Filecoin (FIL) are also included in the Nasdaq Crypto US Settlement Price Index and may be considered for inclusion in Hashdex’s ETF in the future.

Hashdex’s Filing Excludes ETH Staking

Hashdex’s S-1 filing clarified that it does not intend to include Ether staking in its combined spot cryptocurrency ETF. Meanwhile, BitGo and Coinbase Custody will act as custodians for Hashdex’s Bitcoin and Ethereum assets, which will be kept in segregated accounts for individual shareholders.

The S-1 filing was submitted two days after eight asset managers launched their spot Ether ETFs on U.S. stock exchanges. On the first trading day, these spot Ether ETFs attracted a combined $590.7 million in inflows, significantly exceeding industry analysts’ predictions. This figure excludes outflows from the Grayscale Ethereum Trust.

The trends changed a day later, though, with outflows reigning supreme. As such, ETH’s performance suffered, and the asset fell by 10% at one point to under $3,150.

Pos Hashdex Files S-1 for First ETF Holding Bitcoin and Ethereum in the US muncul pertama kali di CryptoPotato.


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