Crypto asset manager Hashdex has taken a major step toward launching an ETF that directly holds spot Bitcoin and Ether, which could make it the first US index-based crypto ETF.
In its S-1 filing with the SEC on Wednesday, Hashdex introduced the Hashdex Nasdaq Crypto Index US ETF, which will initially hold Bitcoin and Ether and could eventually include other assets depending on regulatory developments.
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However, if any other crypto asset besides Bitcoin and Ether becomes eligible for inclusion, the fund will move to a sample replication strategy with the two assets in the same proportion determined by the index.
If the fund later decides to revert to a full replication strategy, it will need SEC approval.