Hashdex filed with the SEC to broaden its Nasdaq Crypto Index US ETF past Bitcoin and Ethereum, searching for approval so as to add Solana, Cardano, and XRP underneath newly adopted generic itemizing requirements.
The submitting allows the fund to trace the whole composition of the Nasdaq crypto index slightly than limiting holdings to the 2 largest digital belongings.
Index weighting
Bloomberg ETF analyst James Seyffart shared the submitting on Sept. 23, noting Hashdex will observe the US Nasdaq crypto index, which incorporates extra digital belongings that meet SEC necessities.
The index is weighted 72.5% in Bitcoin and 14.8% in Ethereum, with Solana comprising 4.3%, Cardano 1.2%, and XRP 6.9%.
The enlargement try leverages generic itemizing requirements accredited by the SEC on Sept. 17 for commodity-based belief shares on main exchanges, together with Nasdaq, Cboe, and the New York Inventory Change.
The requirements goal to streamline approval processes for exchange-traded merchandise tied to digital belongings.
Hashdex was one of many first issuers to pursue a dual-asset ETF within the crypto trade in June 2024. The unique submitting specified the fund would maintain Bitcoin, Ethereum, and money.
Bloomberg’s Seyffart commented on the preliminary announcement that the mixture of Bitcoin and Ethereum “makes loads of sense.”
Regulatory pathway
The enlargement try leverages generic itemizing requirements accredited by the SEC on Sept. 17 for commodity-based belief shares on main exchanges.
The requirements goal to streamline approval processes for exchange-traded merchandise tied to digital belongings, shifting from prolonged case-by-case opinions.
Nevertheless, the generic requirements don’t open approval for each kind of crypto ETP, with regulatory limitations nonetheless making use of selectively.
The result of Hashdex’s enlargement submitting might encourage comparable makes an attempt by different crypto fund managers searching for broader digital asset publicity past Bitcoin and Ethereum.
