The landscape of cryptocurrency investment products in the United States is evolving rapidly, and Brazilian crypto asset manager Hashdex is positioning itself at the forefront with an ambitious new filing. The company has officially submitted paperwork to the U.S. Securities and Exchange Commission (SEC) for the Hashdex Nasdaq Crypto Index US ETF, a fund designed to track a crypto index featuring both Bitcoin and Ethereum—the two largest digital assets by market capitalization.
This proposed ETF could become the first U.S.-based fund tied to a regulated crypto index, marking a significant milestone in the maturation of digital asset markets. While initially focused on Bitcoin and Ethereum, the filing leaves room for future expansion, allowing the fund to include additional qualifying crypto assets under specific conditions.
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A Strategic Move in a Growing Market
The timing of Hashdex’s filing is no coincidence. It comes just two days after the long-anticipated launch of nine spot Ethereum ETFs, which joined the already successful wave of spot Bitcoin ETFs that debuted less than eight months earlier. These products have collectively attracted approximately $17.5 billion in net inflows and now manage around $55 billion in assets, according to data from U.K.-based asset manager Farside Investors.
By leveraging the Nasdaq Crypto U.S. Index, Hashdex aims to offer investors diversified exposure to the top performers in the crypto space through a single, regulated vehicle. The index currently tracks the performance of select digital assets, with Bitcoin and Ethereum forming its core components.
According to the SEC filing, if other cryptocurrencies beyond Bitcoin and Ethereum become eligible for inclusion in the index, Hashdex will adopt a sample replication strategy—meaning the fund will continue to hold only Bitcoin and Ethereum, but in the same weightings determined by the index.
This approach ensures regulatory clarity and operational simplicity while still aligning with index methodology. It also sidesteps potential compliance hurdles associated with holding lesser-known or more volatile digital assets.
Nasdaq’s Role and Regulatory Pathway
For this ETF to launch, Nasdaq—the intended listing exchange—must file for a 19b-4 rule change with the SEC. This regulatory step is necessary to amend Nasdaq’s existing listing rules to permit Hashdex to hold what could be newly added index constituents in the future.
This procedural requirement underscores the cautious yet progressive stance U.S. regulators are taking toward crypto-based financial products. Each new filing adds pressure on the SEC to establish clearer guidelines for digital asset ETFs beyond Bitcoin and Ethereum.
How This Differs From Existing Crypto ETFs
While numerous spot Bitcoin and Ethereum ETFs now exist, most operate as standalone products focused on a single asset. Hashdex’s proposal stands out because it introduces index-based diversification within the crypto asset class—a concept long familiar in traditional finance but still novel in digital assets.
Instead of betting on one cryptocurrency, investors would gain exposure to a basket anchored by the two most established players. This structure may appeal to risk-averse investors seeking broad market participation without overexposure to any single token.
Moreover, the use of a transparent, rules-based index like the Nasdaq Crypto U.S. Index enhances credibility and reduces concerns about manager discretion or market manipulation—key selling points for institutional adoption.
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Broader Industry Momentum: Solana and Beyond
Hashdex isn’t alone in pushing the boundaries of crypto ETF innovation. Earlier this month, 21Shares became the second major issuer—after VanEck—to file with the SEC for a spot Solana ETF. Solana ranks as the fifth-largest cryptocurrency by market cap and has drawn growing interest due to its high-speed blockchain and expanding ecosystem.
Market observers now speculate about potential ETFs for other major altcoins like Cardano, Polkadot, or Avalanche, signaling that demand for diversified crypto investment vehicles is accelerating.
This momentum reflects a broader shift: from isolated, single-asset products toward comprehensive, index-driven solutions that mirror traditional equity markets.
Hashdex’s Track Record: The DEFI ETF
Hashdex already has a foothold in the U.S. ETF market with its Hashdex Bitcoin ETF (ticker: DEFI), which began trading in March 2024—more than two months after the first wave of spot Bitcoin ETFs launched. Despite entering late, DEFI has managed to accumulate nearly $12 million in assets, demonstrating steady investor interest.
Notably, Hashdex chose not to launch a standalone spot Ethereum ETF, instead opting for this more strategic, index-based approach. This decision suggests a long-term vision focused on sustainable product architecture rather than chasing short-term trends.
Market Performance Context
At the time of writing, Bitcoin was trading near $67,450**, up 4% over the past 24 hours, while **Ethereum** hovered around **$3,250, reflecting a 3.5% gain in the same period (data via CoinMarketCap). Both assets have surged over the past 18 months, driven by macroeconomic factors, institutional adoption, and growing confidence in regulatory clarity.
Such sustained price appreciation reinforces investor appetite for accessible, compliant ways to gain exposure—precisely what ETFs deliver.
Frequently Asked Questions (FAQ)
Q: What is the Hashdex Nasdaq Crypto Index US ETF?
A: It’s a proposed exchange-traded fund that would track the Nasdaq Crypto U.S. Index, primarily holding Bitcoin and Ethereum while allowing for future expansion under a sample replication strategy.
Q: Will the ETF include other cryptocurrencies besides Bitcoin and Ethereum?
A: While the fund may track an index that includes other assets, it will initially—and likely continue to—hold only Bitcoin and Ethereum in proportions set by the index.
Q: Why is this ETF significant?
A: It could be the first U.S. crypto ETF based on a regulated index, offering diversified exposure within a compliant framework—an important step toward mainstream adoption.
Q: How does this differ from current spot Bitcoin or Ethereum ETFs?
A: Most existing ETFs focus on a single asset. This product offers dual-asset exposure via an index model, combining diversification with regulatory rigor.
Q: What regulatory approvals are needed?
A: The SEC must approve Hashdex’s filing, and Nasdaq must submit a 19b-4 rule change to allow listing of funds based on evolving crypto indexes.
Q: When might the ETF launch?
A: No official timeline has been announced. Approval timelines vary, but given recent momentum in crypto ETF approvals, a decision could come within 6–12 months.
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Final Thoughts
Hashdex’s move represents more than just another ETF application—it signals a maturing market where innovation meets regulation. As investor demand grows and infrastructure strengthens, products like the Hashdex Nasdaq Crypto Index US ETF could become standard tools for portfolio allocation.
With Bitcoin and Ethereum firmly established as foundational digital assets, combining them under an index-based structure offers a balanced path forward—one that balances growth potential with risk management.
For investors watching this space, the message is clear: diversification in crypto is no longer just possible—it’s becoming practical, accessible, and regulated.
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