The SEC has approved a product that crypto markets have been waiting years to see. Hashdex’s Nasdaq Crypto Index US ETF becomes the first combined Bitcoin-Ether exchange-traded fund to receive regulatory approval, set to trade under the ticker NCIQ on Nasdaq.
What Happened
The Securities and Exchange Commission on March 24 approved Hashdex’s application for a dual-asset crypto ETF that holds both Bitcoin and Ether in a single product. The fund, trading under the ticker NCIQ, will allocate between the two largest cryptocurrencies based on their relative market capitalization.
This approval marks a significant evolution from the single-asset spot ETFs that launched in 2024 and early 2025. Until now, investors who wanted exposure to both BTC and ETH through regulated products had to purchase separate funds and manage their own allocation.
Hashdex, a Brazil-based digital asset manager, has been operating similar multi-asset crypto products in international markets and leveraged that track record in its SEC application. The ETF will use a market-cap-weighted methodology, meaning Bitcoin will initially comprise the larger share of the fund.
What It Means for Traders
The hybrid ETF simplifies portfolio construction for institutional and retail investors alike. Rather than juggling multiple positions and rebalancing between BTC and ETH exposure, traders can gain diversified crypto exposure through a single ticker.
For active traders, the NCIQ fund creates new arbitrage opportunities between the hybrid product and its single-asset counterparts. Price dislocations between the combined ETF and individual Bitcoin and Ether spot ETFs could generate short-term trading opportunities.
The approval also sets a precedent that could accelerate filings for broader crypto index ETFs that include assets beyond Bitcoin and Ether. Several issuers are already preparing applications for products that would include Solana, XRP, and other large-cap tokens.
The Bigger Picture
This approval represents another step in the institutionalization of crypto markets. The progression from futures ETFs to single-asset spot products to multi-asset index funds mirrors the maturation path of other alternative asset classes like commodities and real estate.
The timing is notable given the broader regulatory environment. With the SEC, FDIC, and Treasury all issuing crypto-related guidance in the same week, the approval fits into a pattern of accelerating regulatory clarity in the United States.
For the broader market, hybrid ETFs could attract a new class of investors who were previously put off by the complexity of choosing between individual crypto assets. The simplified access could drive meaningful new capital inflows into the digital asset space.
The first hybrid Bitcoin-Ether ETF marks a milestone in crypto’s integration into mainstream finance. As multi-asset crypto products gain traction, traders should watch for how capital flows shift between single-asset and index-based crypto investment vehicles.
