The landscape of cryptocurrency investment is evolving rapidly, and Brazilian crypto asset manager Hashdex is positioning itself at the forefront with a bold new filing. The company has formally submitted paperwork to the U.S. Securities and Exchange Commission (SEC) for the Hashdex Nasdaq Crypto Index US ETF—a proposed exchange-traded fund that would hold both Bitcoin and Ethereum, the two largest digital assets by market capitalization.
If approved, this product could become the first U.S.-listed ETF based on a crypto index, marking a significant milestone in the maturation of digital asset markets. Unlike single-asset spot ETFs, this fund aims to offer diversified exposure through a rules-based index, potentially setting a precedent for future multi-asset crypto ETFs.
A Strategic Move Toward Index-Based Crypto Investing
The proposed Hashdex Nasdaq Crypto Index US ETF will initially track the performance of Bitcoin and Ethereum only. However, the filing leaves room for future expansion, allowing for the inclusion of additional cryptocurrencies if they meet specific eligibility criteria defined by the Nasdaq Crypto US Index.
According to the SEC filing:
"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."
This means that even if more assets are added to the underlying index, the ETF may still maintain a two-asset composition—highlighting Hashdex’s focus on regulatory clarity and market dominance as key selection factors.
For the fund to list on Nasdaq, the exchange itself would need to file for a 19b-4 rule change with the SEC. This procedural step would seek approval to amend listing rules to accommodate funds tracking a broader crypto index—a regulatory hurdle that underscores the novelty of this product.
👉 Discover how next-generation crypto investment vehicles are reshaping portfolios.
Market Context: The Rise of Spot Crypto ETFs
Hashdex’s move comes at a pivotal moment in the U.S. crypto market. Just two days prior, nine spot Ethereum ETFs began trading on major U.S. exchanges, following months of anticipation and regulatory scrutiny. This followed the landmark debut of spot Bitcoin ETFs in January 2024, which collectively have attracted over $17.5 billion in net inflows** and now manage approximately **$55 billion in assets, according to data from Farside Investors.
These figures reflect a seismic shift in institutional and retail investor appetite for regulated crypto exposure. By piggybacking on this momentum, Hashdex is aiming to capture demand not just for single-asset exposure, but for strategic, index-driven diversification within the crypto ecosystem.
While Hashdex’s spot Bitcoin ETF—DEFI—launched in March 2024, more than two months after its peers, it has already accumulated nearly $12 million in assets under management. Notably, the firm chose not to launch a standalone Ethereum ETF, suggesting that its long-term strategy leans toward multi-asset solutions rather than competing in an increasingly crowded single-asset space.
Solana in the Spotlight: Is It Next?
The momentum isn’t limited to Bitcoin and Ethereum. Earlier this month, 21Shares filed with the SEC for a spot Solana ETF, becoming the second major issuer—after VanEck—to do so. Solana, currently ranked as the fifth-largest cryptocurrency by market cap, is gaining traction as a potential candidate for regulated ETF treatment.
While no decision has been made by the SEC, these filings signal growing confidence among asset managers that additional cryptocurrencies may eventually qualify for ETF approval—provided they can demonstrate sufficient liquidity, market depth, and resistance to manipulation.
👉 See how emerging blockchain assets are creating new investment frontiers.
Why This Matters: The Case for Crypto Index ETFs
Traditional finance has long relied on index-based investing as a low-cost, transparent way to gain diversified market exposure. Products like the S&P 500 ETF (SPY) have become cornerstones of retirement and institutional portfolios.
Now, with the Hashdex Nasdaq Crypto Index US ETF proposal, investors may soon have access to a similar tool for the digital asset space. Key benefits include:
- Diversification: Reduces concentration risk compared to holding only Bitcoin or Ethereum.
- Regulatory Oversight: Offers exposure through a fully regulated, SEC-filed vehicle.
- Transparency: Rules-based index methodology ensures predictable asset allocation.
- Scalability: Built to adapt as new assets meet inclusion standards.
As more investors seek balanced exposure beyond “Bitcoin or bust,” index-based crypto ETFs could become a preferred gateway into the asset class.
Frequently Asked Questions (FAQ)
What is the Hashdex Nasdaq Crypto Index US ETF?
It’s a proposed exchange-traded fund that would provide investors with exposure to both Bitcoin and Ethereum by tracking the Nasdaq Crypto US Index. It marks Hashdex’s push into multi-asset crypto investing under U.S. regulatory frameworks.
Will the ETF include other cryptocurrencies besides Bitcoin and Ethereum?
While the fund is initially focused on BTC and ETH, it may evolve if other digital assets qualify for inclusion in the underlying index. However, the current filing suggests that even then, only Bitcoin and Ethereum may be held—maintaining simplicity and compliance.
How does this differ from existing spot Bitcoin or Ethereum ETFs?
Unlike single-asset ETFs, this product offers combined exposure to two major cryptocurrencies through an index structure. It represents a step toward broader crypto market diversification within a single regulated product.
What are the regulatory hurdles for approval?
The biggest challenge lies in Nasdaq filing a 19b-4 rule change with the SEC to allow listing of funds based on a crypto index. This process requires demonstrating investor protection, market integrity, and resistance to manipulation.
How has Hashdex performed with its existing ETF?
Hashdex’s spot Bitcoin ETF (DEFI) launched in March 2024 and has gathered nearly $12 million in assets despite entering the market late. The firm’s decision to skip a standalone Ethereum ETF highlights its strategic focus on integrated solutions.
Could this pave the way for more crypto index funds?
Yes. If approved, this ETF could serve as a blueprint for future products tracking broader digital asset indices—including tokens like Solana, Cardano, or Polkadot—assuming regulatory progress continues.
👉 Explore regulated crypto investment opportunities shaping the future of finance.
Looking Ahead: The Future of Crypto Asset Management
Hashdex’s latest filing isn’t just about launching another ETF—it’s about redefining how investors access digital assets. By combining Bitcoin, Ethereum, and a forward-looking index framework, the firm is betting on a future where crypto investing becomes as structured and accessible as traditional equities.
With growing institutional interest, improving regulatory clarity, and increasing demand for diversified exposure, 2025 could be the year that multi-asset crypto ETFs move from concept to reality.
For investors watching this space, the message is clear: the next wave of crypto innovation isn’t just about price surges—it’s about building smarter, more resilient investment vehicles that stand the test of time.
Core Keywords:
Bitcoin ETF, Ethereum ETF, Hashdex Nasdaq Crypto Index US ETF, spot crypto ETFs, cryptocurrency investment, multi-asset crypto ETF, regulated crypto funds