Brazilian crypto asset manager Hashdex aims to offer an ETF that would hold bitcoin and Ethereum, potentially becoming the first U.S. fund based on a crypto index.

Hashdex filed to create the Hasdex Nasdaq Crypto Index US ETF, initially focusing strictly on the performance of the two largest cryptos by market capitalization, while allowing for the possibility that the fund could add other crypto assets. Bitcoin and ether are part of the Nasdaq Crypto U.S., which tracks the performance of some digital assets.

"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," Wednesday's filing said.

Nasdaq, where the product would list, would need to file for a 19b-4 rule change "seeking approval to amend its listing rules to permit" Hashdex "to hold the new Index Constituents."

Read More: Hashdex's DEFI Begins Trading as Spot Bitcoin ETF

The filing comes just two days after nine spot Ethereum ETFs began trading and less than eight months after the debut of spot bitcoin ETFs. Those products have reflected asset managers' efforts to address soaring demand for cryptocurrency-focused investments. The latter products have netted about $17.5 billion in inflows and now manage roughly $55 billion in assets, based on data from U.K. asset manager Farside Investors.

Issuers Apply for Solana ETF

Earlier this month, 21Shares became the second major issuer after VanEck to file with the SEC for an ETF based on the spot price of Solana, the world's fifth largest crypto by market capitalization, and market observers have started speculating on other cryptos that might receive the same treatment.

Read More: 21Shares Applies for Spot Solana ETF

Hashdex's spot bitcoin fund, The Hashdex Bitcoin ETF (DEFI), has generated nearly $12 million in assets since it listed in March, more than two months after the debuts of the other 10 spot bitcoin ETFs. The company elected not to pursue a spot Ethereum fund.

Bitcoin was recently trading at about $67,450, up 4% over the past 24 hours, while ether was changing hands at roughly 3,250, a 3.5% gain over the same period, according to data from CoinMarketCap. Both assets have soared over the past 18 months, particularly bitcoin.

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