The United States regulators require additional time to determine if Nasdaq’s June request to list the Hashdex Crypto Index ETF should be granted.
The filing was in response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.
Upon approval, the Hashdex Nasdaq Crypto Index ETF would be the first diversified spot crypto ETF to enter the US markets. Additionally, it would be the first US exchange-traded fund (ETF) to invest in alternative cryptocurrencies, or “altcoins.”
The primary objective of the ETF is to replicate the Nasdaq Crypto US Index (NCIUS), which is a market capitalization-weighted portfolio of cryptocurrencies. The ETF’s registration filing indicates that its holdings encompass a variety of digital assets, including Bitcoin and Ether, as well as altcoins like Chainlink and Uniswap.
ETH and BTC account for approximately 95% of the index.
Before the ETF’s trading on exchanges, the Securities and Exchange Commission (SEC) must approve its registration application, known as an S-1, and authorize at least one public equities exchange, such as Nasdaq, to list the product.
Nasdaq submitted a comparable filing to US regulators on August 6, seeking authorization to list options on ETH ETFs. The SEC has not permitted exchanges to list options on spot BTC or ETH ETFs.
Upon approval, Nasdaq’s request would permit trading options exclusively for BlackRock’s iShares Ethereum Trust (ETHA), the sole ETH ETF listed on Nasdaq’s electronic exchange. The Arca or Cboe of the New York Stock Exchange (NYSE) accommodates the remaining ETF ETFs.
The SEC informed the half dozen options exchanges, including Nasdaq ISE, that had requested to list options on spot BTC ETFs in July that additional time was required to decide.
In January and July, the United States introduced Bitcoin and Ethereum exchange-traded funds (ETFs). Yahoo Finance data indicates they collectively account for approximately $65 billion in assets.
