Hashdex files S1 for an ETF that holds bitcoin and ether, leaves door open for other assets

Crypto asset management firm Hashdex took the next move in its plan to launch an exchange-traded fund that directly owns spot bitcoin and ether, establishing what could be the first index-based crypto ETF in the United States.

Hashdex filed its registration statement, also called an S-1, with the U.S. Securities and Exchange Commission on Wednesday. The fund, called the Hashdex Nasdaq Crypto Index US ETF would own bitcoin and ether, but could later hold more assets depending on how the regulatory landscape unfolds.

"If any crypto asset other than bitcoin and ether becomes eligible for inclusion in the Index, the Sponsor will transition to a sample replication strategy, with only bitcoin and ether in the same proportions determined by the Index," the firm said in its S-1 filing. "In the event the Trust seeks to change this and return to a full replication strategy, a rule filing under Rule 19b-4 of the Exchange Act would need to be filed with the SEC by the Exchange seeking approval to amend its listing rules to permit the Trust to hold the new Index Constituents."

The fund could add other assets "if and when approved by the SEC," said Bloomberg ETF Analyst James Seyffart in a post on X on Wednesday.

Hashdex's filing comes two days after spot Ethereum ETFs got the final sign-off to begin trading. Hashdex decided not to move forward with its proposal for a spot Ethereum ETF, so it was not part of that group including heavyweights such as BlackRock and Fidelity that began trading on Tuesday. The funds have traded nearly $2 billion in cumulative volume as of Wednesday afternoon.

The Hashdex Nasdaq Crypto Index US ETF will list and trade on Nasdaq and is based on the Nasdaq Crypto Index US methodology. Nasdaq filed a Form 19b-4 for the fund last month.

Coinbase Custody Trust Company, LLC and BitGo Trust Company, Inc. will be the custodians should it launch.