The United States Securities and Exchange Commission (SEC) has taken a significant step towards approving a combined Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Fund (ETF) by acknowledging the filing submitted by asset manager Hashdex. This move marks a crucial milestone in the journey towards offering institutional investors direct exposure to the two largest cryptocurrencies by market capitalization.

Hashdex's ETF, dubbed the Hashdex Nasdaq Crypto Index US ETF, aims to provide a risk-free investment option for institutions seeking to capitalize on the potential of BTC and ETH without directly holding the assets. The proposed ETF will be managed by Hashdex and administered by Tidal ETF Services LLC, with Coinbase Custody Trust Company and Bitcoin Trust serving as custodians for the underlying BTC and ETH.

The SEC's acknowledgment of Hashdex's filing opens the door for public comments, a crucial step in the approval process. While the regulator's decision is still pending, the move is seen as a positive development in the crypto industry, which has been eagerly awaiting the approval of spot Bitcoin and Ethereum ETFs.

The recent surge in crypto ETF filings in the US market is a testament to the growing interest in digital assets among institutional investors. Since the approval of Bitcoin ETFs earlier this year, several asset managers have submitted filings for ETFs tracking other cryptocurrencies, including Solana (SOL) and XRP. The trend is expected to continue, with more crypto ETP filings anticipated in the coming months.

The approval of Hashdex's combined BTC and ETH ETF would mark a significant milestone in the crypto industry, offering institutional investors a new investment option and further legitimizing digital assets as a viable investment class. While the SEC's decision is still pending, the acknowledgment of Hashdex's filing is a promising development for the crypto community.