Asset management firm Hashdex has filed an amended application for an ETF designed as a comprehensive cryptocurrency portfolio.
The filing shows that the cryptocurrency index ETF is still under review by the U.S. Securities and Exchange Commission (SEC), after the agency requested more time to make a decision on the fund’s trading authorization last August.
The Hashdex Nasdaq Crypto Index US ETF is expected to include Bitcoin and Ether – the only two assets currently included in the Nasdaq Crypto US Index – and could expand to include more cryptocurrencies in the future.
The Nasdaq Crypto US Index tracks only Bitcoin and Ether. Source: Nasdaq
According to industry experts, crypto index ETFs are becoming the next big focus for issuers, following the successful launches of BTC and ETH-backed ETFs in January and July.
Katalin Tischhauser, Director of Investment Research at crypto bank Sygnum, commented in August that:
“The logical next step is index ETFs, because indices provide efficiency to investors, similar to the way people buy the S&P 500 through an ETF. This will also apply to the crypto space.”
Also according to the August 16 filing, Franklin Templeton is looking to launch a similar cryptocurrency index ETF. The Franklin Crypto Index ETF would track the performance of the CF Institutional Digital Asset Index, which, like the Nasdaq Crypto US Index, currently only includes BTC and ETH.
Tischhauser said that crypto index ETFs are currently limited to BTC and ETH, as those are the only assets the SEC has allowed to be included in ETFs to date. She also noted that demand for new single-asset ETFs, like Solana, remains limited.
Total assets in U.S. ETFs surpassed the $10 trillion mark for the first time on September 27, thanks in part to more than $20 billion in inflows into crypto ETFs by 2024, according to data from Bloomberg Intelligence and fund research firm Morningstar.
Nate Geraci, president of The ETF Store – an investment advisory firm specializing in ETFs – said that crypto ETFs accounted for 13 of the 25 largest ETF launches of 2024 by money flow as of the end of August.
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