Asset manager Hashdex has filed a second amendment to its proposed exchange-traded fund (ETF) designed as a one-stop cryptocurrency portfolio, according to a filing with regulators on November 25.
The revised filing marks continued progress for a cryptocurrency index ETF from the Securities and Exchange Commission (SEC), America’s top financial regulator.
Hashdex first filed its S-1 amendment in October after the SEC requested more time to decide whether to approve the ETF for trading.
The Hashdex Nasdaq Crypto Index US ETF will initially consist of Bitcoin (BTC) and Ethereum (ETH), the only assets currently included in the Nasdaq Crypto US Index, but could eventually expand to include additional digital currencies, the filing said.
source: Nasdaq
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Industry analysts say cryptocurrency index ETFs are attracting significant interest from issuers, following ETFs holding BTC and ETH, which were listed in January and July respectively.
“The next logical step is index ETFs. Because indices are just as efficient for investors as people buying the S&P 500 in an ETF. This will be the same for cryptocurrencies.” Katalin Tischhauser, head of investment research at cryptocurrency bank Sygnum, told Cointelegraph in August.
The SEC has softened its stance on cryptocurrency oversight following the November 5 election victory of Donald Trump, who promised to make the United States the “crypto capital of the world.”
SEC Chairman Gary Gensler, known for his hard-line stance on cryptocurrency regulation, announced on November 21 that he would leave the SEC on January 20, 2025.
Last July, Trump pledged to “fire” Gensler in a bid to lure cryptocurrency enthusiasts ahead of the presidential election. Gensler is scheduled to leave the agency at the start of Trump’s second term as president.
source: bitcoin archive
Asset managers Franklin Templeton and Grayscale are also exploring the launch of cryptocurrency index ETFs.
The Franklin Crypto Index ETF tracks the performance of the CF Institutional Digital Asset Index, which, like the Nasdaq Crypto US Index, currently consists only of BTC and ETH.
Founded in 2018 but not yet listed, the Grayscale Digital Large Cap Fund holds a cryptocurrency index portfolio consisting of BTC, ETH, Solana (SOL), and XRP (XRP).
Grayscale’s fund is unique among proposed index ETFs in tracking a basket of alternative cryptocurrencies.
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