Hashdex will launch its BTC and ETH-based exchange-traded fund in the United States
The product will be backed by the Nasdaq Crypto Index US
25.07.2024 - 10:45
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What’s new? Crypto investment company Hashdex plans to launch an exchange-traded fund (ETF) that will directly own the largest cryptocurrencies by capitalization — bitcoin and Ethereum. To that end, Hashdex has filed a Form S-1 application with the US Securities and Exchange Commission (SEC) to register the securities of the new Hashdex Nasdaq Crypto Index US ETF product.
What else is known? The product could be the first index-based spot multi-cryptocurrency exchange traded fund in the United States. The company allows the inclusion of other large assets in the fund in case of a favorable regulatory environment.
Thus, Bloomberg analyst James Seyffart notes that Hashdex may add other assets if exchange-traded funds based on them are approved by the SEC.
If approved, the fund will be listed by the Nasdaq exchange and will be based on the Nasdaq Crypto Index US. The exchange itself filed a new product listing application with the SEC as early as last month on Form 19b-4 to change its trading rules.
Crypto exchanges Coinbase and Bitgo will act as custodians. Coinbase is currently the largest custodian of coins for US crypto-ETFs: it acts as custodian for 10 of 11 spot BTC funds and 8 of 9 ETH funds.
Hashdex is also the issuer of a spot BTC ETF under the ticker DEFI, available on the New York Stock Exchange (NYSE). It was launched later than other funds that went public on January 11 and has accumulated $12 million in assets under management.
Spot ETH ETF trading volume exceeds $1 billion at the end of the first day
New funds attracted almost $591 million
As for spot ETH ETFs, Hashdex did not launch its own fund.
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