Hashdex files to add SOL, ADA, XRP to crypto index ETF under new SEC standards

Hashdex has submitted to the SEC to develop its Nasdaq Crypto Index US ETF outdoors of Bitcoin and Ethereum, approval in quest of approval so as to add Solana, Cardano and XRP underneath newly assumed generic listing requirements.

With the submission, the fund can maintain monitor of the total composition of the Nasdaq Crypto Index as a substitute of limiting holdings to the 2 largest digital belongings.

Index weight

Bloomberg ETF analyst James Seyffart shared the submission on September 23It notes that Hashdex will observe the American Nasdaq crypto index, which incorporates further digital belongings that meet SEC -requirements.

The index is weighed with 72.5percentin Bitcoin and 14.8percentin Ethereum, with Solana consisting of 4.3%, Cardano 1.2percentand XRP 6.9%.

The enlargement try makes use of generic listing requirements that had been authorized by the SEC on 17 September for uncooked supplies -based treasure components at massive gala’s, together with Nasdaq, CBOE and the New York Inventory Alternate.

The requirements are meant to streamline approval processes for exchanged merchandise which can be linked to digital belongings.

Hashdex was one of many first Empartents to rise a dual-asset ETF within the crypto business in June 2024. The unique submission decided that the Bitcoin, Ethereum and Money Fund would maintain.

Bloomberg’s Seyffart commented on the primary announcement that the mixture of Bitcoin and Ethereum is ‘a lot logical’.

Regulatory route

The enlargement try makes use of generic listing requirements that had been authorized by the SEC on 17 September for uncooked supplies based mostly on main inventory exchanges.

The requirements are aimed toward streamlining approval processes for merchandise traded by trade price which can be linked to digital belongings, which shift from lengthy -term assessments of case by case.

Nonetheless, the generic requirements don’t open approval for any kind of crypto ETP, the place the regulatory restrictions nonetheless apply selectively.

The end result of the enlargement of Hashdex might encourage related makes an attempt by different crypto fund managers on the lookout for wider publicity to digital belongings over Bitcoin and Ethereum.

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