Hashdex, a crypto asset management company, has filed its registration statement, S-1, with the U.S. Securities and Exchange Commission for its Hashdex Nasdaq crypto Index US ETF.
Notably, the move is a step in its plans to be the first index-based cryptocurrency ETF in the US that will track some digital assets in the Nasdaq crypto US Settlement Price Index.
Hashdex Cryptocurrency ETF Awaits SEC Approval
According to the company's S-1 presentationThe sponsor will adopt a sample replication strategy if any crypto asset, other than bitcoin and ethereum, becomes eligible for inclusion in the index. This will keep btc and Ether in the specified proportions of the index.
If the Trust decides to return to a full replication strategy, it will be required to file a rule change under Rule 19b-4 of the Exchange Act with the SEC to modify its listing rules for new Index Constituents.
In a post on x, Bloomberg ETF analyst James Seyffart mentioned that the fund could add other assets once it receives SEC approval.
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Update: twitter.com/hashdex?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@hashdex has filed an S-1 for its crypto Index ETF. It will start with just twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#bitcoin & twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#ethereum but may add other assets if and when approved by the SEC. https://t.co/W3uHyv9MYn image.twitter.com/DFXouwu4IK
—James Seyffart (@JSeyff) twitter.com/JSeyff/status/1816226588499079653?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>July 24, 2024
The S-1 filing, which outlines the value Hashdex intends to offer, was submitted about five weeks after the company filed its Form 19b-4 on June 18. The U.S. securities regulator acknowledged this filing in late June. If both filings are approved, the combined cryptocurrency ETF could officially be listed and traded.
The Hashdex ETF will be weighted based on the free float market capitalizations of the listed crypto assets. Currently, the weighting would be 76.3% for btc and 23.7% for eth.
Other cryptocurrencies such as Litecoin (LTC), Chainlink (LINK), Uniswap (UNI), and Filecoin (FIL) are also included in the Nasdaq crypto US Settlement Price Index and could be considered for inclusion in the Hashdex ETF in the future.
Hashdex filing excludes eth staking
Hashdex’s S-1 filing clarified that it has no intention to include Ether staking in its combined spot cryptocurrency ETF. Meanwhile, BitGo and Coinbase Custody will act as custodians for Hashdex’s bitcoin and ethereum assets, which will be held in separate accounts for individual shareholders.
The S-1 filing came two days after eight asset managers launched their spot Ether ETFs on U.S. exchanges. On the first day of trading, these spot Ether ETFs attracted a total of $590.7 million in inflows, significantly exceeding industry analysts’ predictions. This figure excludes outflows from the Grayscale ethereum Trust.
However, the trend changed a day later as fund outflows became noticeable. As a result, eth’s performance suffered and the asset dropped by 10% at one point to below $3,150.
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