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Hashdex proposed a combined spot Bitcoin and Ethereum ETF (exchange-traded fund) as fund manager VanEck said hedge funds are already front-running the anticipated launch of ETH ETF products.
Hasdex’s proposed ETF was made via a June 18 filing with the US Securities and Exchange Commission (SEC). It would be listed on the Nasdaq exchange, and would balance crypto assets according to their market capitalizations, it said in the filing.
The asset manager’s passive investment strategy will then track the daily market movements on the Nasdaq Crypto US Settlement Price index without attempting to “beat” it.
The Hashdex Bitcoin And ETH ETF Will Not Invest In Anything Other Than BTC And ETH
The asset manager’s combined ETF will not invest in any other assets on the spot market besides ETH and BTC, it said. Meanwhile, Coinbase and BitGo will act as the custodians for the fund’s assets. There will also be segregated accounts for shareholders.
@hashdex already has a crypto index ETF that's traded down in Brazil. These are the assets it currently holds and their weights in the fund. 90% is Bitcoin and Ethereum. pic.twitter.com/5yRCDsfUs0
— James Seyffart (@JSeyff) June 18, 2024
The filing for the combined crypto ETF “makes a lot of sense,” said Bloomberg ETF analyst James Seyffart in a June 18 post on X.
The final deadline for the SEC’s approval of the ETF is expected to be around the first week of March 2025, according to the analyst.
Hashdex already has a similar index fund that is trading in Brazil. This fund contains nine coins, but BTC and ETH account for the lion’s share of the ETF’s allocation, with a combined 92%.
Institutions Initiate Preparations For ETH ETF Launch
While Hashdex tries to launch a combined ETF in the US, financial institutions are already ”front-running the ETH ETF approvals,” said VanEck’s head of digital assets research Matthew Sigel in a post on X.
hedge funds are front-running the #ETH ETF approvals, ETH on exchanges is near an all-time low, fundamentals are improving.
I could be eating BBQ HODL hat by July 4th.
And you're bearish? https://t.co/5eoibIiFYp pic.twitter.com/WFKmG41CG9— matthew sigel, recovering CFA (@matthew_sigel) June 18, 2024
The ETH supply on exchanges is at an all-time low, while fundamental indicators are “improving,” he said, adding that the put/call ratio for ETH is nearing highs, while BTC’s ratio is dropping to lows.
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