Originally published on: October 01, 2024
Hashdex, an asset manager, has submitted an amended registration filing for a Nasdaq Crypto Index US ETF, a comprehensive cryptocurrency portfolio, as per a recent regulatory filing. This indicates a significant step forward in the process after the United States Securities and Exchange Commission requested additional time to evaluate the fund’s potential for trading authorization in August.
Initially including Bitcoin (BTC) at $60,870.94 and Ether (ETH) at $2,453.56, the Nasdaq Crypto Index US ETF aims to offer a diverse range of digital assets to investors. While limited to BTC and ETH at the moment, the ETF may potentially expand to include other cryptocurrencies in the future.
Experts in the industry suggest that crypto index ETFs are the next frontier for issuers after the successful listing of BTC and ETH ETFs earlier this year. Katalin Tischhauser of Sygnum highlighted the efficiency and appeal of index ETFs, comparing them to traditional investment options like the S&P 500.
Joining the race, asset manager Franklin Templeton is also looking to launch a similar crypto index ETF that tracks the CF Institutional Digital Asset Index, which currently focuses on BTC and ETH.
Despite the growing interest in cryptocurrency ETFs, the SEC has only approved Bitcoin and Ethereum for inclusion in these funds. As a result, the Nasdaq Crypto Index US ETF and its counterparts remain limited to these two digital assets for now.
With total US ETF assets surpassing $10 trillion and cryptocurrency ETFs attracting significant inflows in 2024, the popularity of these investment options continues to rise. According to Nate Geraci of The ETF Store, crypto ETFs have dominated the ETF market, with 13 of the 25 largest launches this year focusing on digital assets.
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