- Hashdex has filed for the first index-based US crypto ETF with Bitcoin and Ethereum.
- ETH ETFs saw inflows of $176.2 million; Grayscale had outflows of $326.9 million.
Crypto asset management company Hashdex has taken a major step toward launching a groundbreaking exchange-traded fund (ETF) that directly holds Bitcoin [BTC] and Ethereum [ETH].
In a move that could establish the first index-based crypto ETF in the United States, Hashdex submitted 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, aims to initially include BTC and ETH, with the potential for more assets as regulations change.
This milestone follows weeks of preparation and marks a major advancement in Hashdex’s vision within the crypto investment landscape.
Building on this, the S-1 filing filed by Hashdex noted:
“If a crypto asset other than bitcoin and ether is eligible for inclusion in the Index, Sponsor will transition to a sample replication strategy, using only bitcoin and ether in the same proportions as determined by the Index.”
Bloomberg ETF analyst echoes the same James Seyffart went to X and said:
“Will start with just #Bitcoin and #Ethereum, but may add other assets if and when approved by the SEC.”
In a separate messagethe analyst emphasized that this move was not unexpected, adding:
“Shouldn’t be a surprise to anyone – it makes perfect sense.”
What else is going on?
Seyffart also hinted at a possible date for the SEC’s final decision on the Hashdex Nasdaq Crypto Index US ETF, stating that the approval deadline “should be sometime around the first week of March 2025.”
That said, Hashdex’s recent filing coincides with final approval for spot Ethereum ETFs that only started trading two days ago.
Furthermore, unlike these newly approved ETFs, Hashdex’s proposed combined spot cryptocurrency ETF specifically excludes Ether staking from its offering.
Bitcoin and Ethereum ETF Analysis
Meanwhile, ETH ETFs saw significant inflows, while the Grayscale Ethereum Trust saw significant outflows of $326.9 million on July 24. BlackRock’s ETH ETF, on the other hand, reported no activity.
Source: Farside Investors
On the Bitcoin side, BTC ETFs recorded inflows of $44.5 million, with Grayscale’s GBTC raising $26.2 million and BlackRock’s IBIT raising $66 million on the same day. Farside Investors.