Crypto asset management firm Hashdex has proposed a spot exchange-traded fund (ETF) that will directly hold both Bitcoin and Ethereum.

The New York-based stock exchange Nasdaq revealed the proposal on June 18 through a Form 19b-4 filing, which outlines Hashdex’s plan to create the Hashdex Nasdaq Crypto Index US ETF. The filing does not specify the ratio of Bitcoin to Ethereum holdings.

This is the first ETF proposal aiming to provide investors with combined exposure to the two largest cryptocurrencies. The SEC's final approval deadline is March 2025.

Bloomberg ETF analyst James Seyffart commented:

"A dual Ethereum and Bitcoin ETF filing from @hashdex just dropped. Will be market cap weighted. Shouldn't be a surprise to anyone — makes a lot of sense."

This proposal follows the SEC’s approval of spot Bitcoin ETFs earlier this year and recent approvals of 19b-4 forms for several spot Ethereum ETFs. The SEC still needs to approve the registration statement forms for the Ethereum products as part of the two-step approval process.

Hashdex has decided not to pursue a standalone spot Ethereum ETF for now, unlike firms like BlackRock and Fidelity, which have also received SEC approval for their 19b-4 forms.

The Hashdex Nasdaq Crypto Index US ETF will also hold cash, according to its Form 19b-4. If launched, Coinbase Custody Trust Company and BitGo Trust Company will act as custodians.

The filing indicates that the ETF will not invest in other spot cryptocurrencies beyond Bitcoin and Ether, stating:

“The Trust will not invest in crypto securities, tokenized assets, or stablecoins.”

However, it includes provisions that allow for the inclusion of other digital assets if approved by the SEC, stating:

“The Trust may invest in additional digital assets if such assets are determined to be consistent with the investment objectives of the Trust and if the inclusion of such assets is approved by the SEC.”