Hashdex files to add SOL, ADA, XRP to crypto index ETF under new SEC standards
Hashdex filed with the SEC to broaden its Nasdaq Crypto Index US ETF past Bitcoin and Ethereum, looking for approval to add Solana, Cardano, and XRP under newly adopted generic listing standards.
The submitting permits the fund to monitor the whole composition of the Nasdaq crypto index fairly than limiting holdings to the 2 largest digital property.
Index weighting
Bloomberg ETF analyst James Seyffart shared the submitting on Sept. 23, noting Hashdex will comply with the US Nasdaq crypto index, which incorporates extra digital property 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 standards authorised by the SEC on Sept. 17 for commodity-based belief shares on main exchanges, together with Nasdaq, Cboe, and the New York Stock Exchange.
The standards purpose to streamline approval processes for exchange-traded merchandise tied to digital property.
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 mix of Bitcoin and Ethereum “makes lots of sense.”
Regulatory pathway
The enlargement try leverages generic itemizing standards authorised by the SEC on Sept. 17 for commodity-based belief shares on main exchanges.
The standards purpose to streamline approval processes for exchange-traded merchandise tied to digital property, shifting from prolonged case-by-case evaluations.
However, the generic standards don’t open approval for each kind of crypto ETP, with regulatory limitations nonetheless making use of selectively.
The final result of Hashdex’s enlargement submitting might encourage related makes an attempt by different crypto fund managers looking for broader digital asset publicity past Bitcoin and Ethereum.
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