Hashdex Files S-1 for First Ever Crypto ETF Holding Bitcoin and Ethereum Simultaneously
Hashdex already offers futures-based crypto ETFs that include multiple crypto assets.
- In its first two days, the spot Ethereum ETF saw trading volumes exceed $1 billion, with $107 million in inflows on day one.
- Grayscale’s spot Ethereum ETF, converted from its 2017 trust, experienced $484 million in outflows on its first day.
- CNBC’s Nate Geraci thinks Solana ETFs could be next.
Hashdex waited for all spot Ethereum ETFs to launch before filing an S-1 for the Hashdex Nasdaq Crypto Index US ETF, a unique spot crypto ETF that holds both Bitcoin and Ethereum simultaneously.
Hashdex chose not to propose a spot Ethereum ETF despite participating in the spot Bitcoin ETF filings with other issuers. Although it filed a Form 19b-4 for the ETF last month, the issuer waited two days after the spot Ethereum ETF went live before filing its S-1 for the unique ETF.
As of May 27, 2024, the index allocates 70.54% to BTC and 29.46% to ETH. Additionally, the Trust’s ether will not participate in Ethereum staking. The filing also indicates that the ETF may include other crypto assets in the future, pending SEC approval, according to Bloomberg analyst James Seyffart.
Companies use an S-1 filing to register new securities with the SEC before going public, providing detailed information about the company and its offerings. In contrast, a 19b-4 filing is used by self-regulatory organizations, like stock exchanges, to propose new or changed trading rules to the SEC.
The Future of Crypto ETF
Anthony Pompliano, CEO of Professional Capital Management, appeared on CNBC to emphasize the importance of the spot Ethereum ETF and highlight diversification as a key benefit.
In its first two days, the spot Ethereum ETF saw trading volumes exceed $1 billion, with approximately $107 million in inflows on the first day alone. This occurred even as Grayscale, which converted its 2017 Grayscale Ethereum Trust into a spot Ethereum ETF holding around $9 billion in Ether, experienced $484 million in outflows on the first day, per Fortune.
Hashdex is no stranger to unique ETFs, having filed the following in the past.
- Hashdex Nasdaq Crypto Index ETF
- Hashdex Nasdaq Bitcoin ETF
- Hashdex Nasdaq Ethereum ETF
- Hashdex Crypto Metaverse ETF
- Hashdex DeFi Index ETF
- Hashdex Smart Contract Platforms Index ETF
Hashdex is already experienced in multi-asset ETFs, such as its futures-based Hashdex Nasdaq Crypto Index ETF, which includes diversified holdings like Solana, Ripple, and Cardano.
With Hashdex’s 19b-4 filing already approved, the approval of its S-1 filing could pave the way for other crypto assets to be included in the ETF. In a previous CNBC discussion, ETF Store president Nate Geraci said Solana is a potential candidate for a future spot crypto ETF.
