Hashdex Submits Registration Statement for Hashdex Nasdaq Crypto Index US ETF
Hashdex, a company specializing in crypto asset management, has taken a significant step by filing its registration statement, S-1, with the U.S. Securities and Exchange Commission for its Hashdex Nasdaq Crypto Index US ETF. This move marks the company’s ambition to become the first index-based crypto ETF in the U.S., tracking various digital assets included in the Nasdaq Crypto US Settlement Price Index.
Approval Pending for Hashdex’s Crypto ETF
As outlined in the S-1 filing, Hashdex plans to implement a sample replication strategy in case any cryptocurrency, besides Bitcoin and Ethereum, becomes eligible for inclusion in the Index. This strategy ensures that BTC and Ether will maintain their specified proportions within the Index.
If the Trust decides to transition back to a full replication strategy, it will be required to submit a rule change under Rule 19b-4 of the Exchange Act to the SEC, aiming to modify its listing rules to accommodate new Index Constituents.
Bloomberg ETF Analyst James Seyffart hinted in a post on X that the fund could potentially incorporate additional assets following approval from the SEC.
Hashdex Files S-1 for Crypto Index ETF
Hashdex has officially filed an S-1 for their Crypto Index ETF, signaling their intention to offer a security based on cryptocurrency assets. The initial ETF will focus on Bitcoin and Ethereum, with the possibility of adding other assets pending approval from the SEC.
Regulatory Approval Process
The S-1 filing comes shortly after Hashdex submitted their 19b-4 form, with the U.S. securities regulator acknowledging the filing. If both filings are approved, the combined cryptocurrency ETF could be listed and traded on the market.
Asset Weighting and Inclusion
Hashdex’s ETF will be weighted based on the free float market caps of the listed crypto assets, with BTC accounting for 76.3% and ETH for 23.7%. Other cryptocurrencies like Litecoin, Chainlink, Uniswap, and Filecoin are also under consideration for inclusion in the ETF in the future.
Exclusion of ETH Staking
It’s important to note that Hashdex’s filing does not include Ethereum staking as part of their ETF offering, focusing instead on a diversified portfolio of cryptocurrency assets.
Recent Developments in Cryptocurrency ETFs
Recent filings and announcements in the cryptocurrency industry have shed light on the evolving landscape of ETFs. One notable clarification came from ex’s S-1 filing, which stated that Ether staking would not be included in their combined spot cryptocurrency ETF. This decision has sparked discussions among investors and industry experts about the potential impact on the market.
Key Players in Custody Services
BitGo and Coinbase Custody have emerged as key players in the custody services sector, with both firms set to act as custodians for Hashdex’s Bitcoin and Ethereum assets. These assets will be stored in segregated accounts to ensure the security and protection of individual shareholders’ investments. This move reflects the growing importance of secure storage solutions in the cryptocurrency space.
Market Performance and Trends
The recent launch of spot Ether ETFs on U.S. stock exchanges saw a surge in inflows, with a total of $590.7 million invested on the first trading day. This exceeded industry analysts’ expectations and signaled growing interest in Ether as an investment vehicle. However, a subsequent day of outflows led to a decline in ETH’s performance, with the asset falling by 10% to below $3,150 at one point. These fluctuations underscore the volatility and unpredictability of the cryptocurrency market.
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