Hashdex has submitted a proposal to the Securities and Alternate Fee (SEC) for the creation of an exchange-traded fund (ETF) that will maintain each Bitcoin and Ethereum.

The proposed ETF, named Hashdex Nasdaq Crypto Index US ETF, is designed to supply traders a stake within the two most outstanding cryptocurrencies, mirroring their distribution within the Nasdaq Crypto Index.

This initiative marks a major step in the direction of the mixing of digital belongings into standard monetary devices, doubtlessly increasing the accessibility of cryptocurrencies to a broader vary of traders.

The ETF’s composition displays the Nasdaq Crypto Index, with Bitcoin and Ethereum accounting for about 70.54% and 29.46% of the fund, respectively.

This construction adheres to a market-cap-weighted technique, indicative of the index’s broader cryptocurrency market illustration.

The fund can be backed by custodians Coinbase Custody Belief Firm and BitGo Belief Firm and can keep money reserves.

Whereas the preliminary focus is on Bitcoin and Ethereum, the ETF could take into account together with further digital belongings sooner or later, contingent upon SEC approval.

The submitting arrives amidst a good regulatory local weather, following the SEC’s approval of Bitcoin spot ETFs and the anticipated introduction of Ethereum ETFs within the U.S. market.

SEC Chair Gary Gensler’s current remarks to a Senate committee sign the potential of Ethereum ETFs buying and selling by this summer season.