Hashdex has resubmitted its S-1 application for the Hashdex Nasdaq Crypto Index US exchange-traded fund for a second time.
According to a Nov. 25 filing with the Securities and Exchange Commission, the resubmission follows an SEC request made back in August for additional time to review the proposal. The registration statement under the S-1 was initially submitted by Hashdex on June 24.
The beauty of this asset for those who are unaware is that a crypto index ETF essentially tracks the performance of a basket of cryptocurrencies, giving one diversified exposure to the digital asset market. It is supposed to replicate a theoretical index by holding similar proportions of the same assets.
The NCIUS ETF’s portfolio will exclusively include Bitcoin and Ether, avoiding investments in other cryptocurrencies, tokenized assets, stablecoins, or crypto-related securities. However, more assets may be included in the future.
If approved, it would become the first diversified spot cryptocurrency ETF in the United States, offering exposure to multiple digital assets within a single fund.
Similar crypto index ETFs have also been filed by other issuers. Of note, Franklin Templeton recently filed its Franklin Crypto Index ETF in August to track the CF Institutional Digital Asset Index. Like Hashdex’s proposal, it is limited initially to only Bitcoin and Ether due to regulatory constraints but is positioned for future expansions.
On Nov. 20, the United States Securities and Exchange Commission postponed its approval decision for the Franklin Templeton Crypto Index ETF, saying that it has received no public comments on the proposed rule change since its publication on Oct. 8. Instead, the SEC decided to extend its decision until Jan. 6, 2025.
After the success of spot Bitcoin and Ether ETFs, the next big thing seems to be crypto index funds. Recently, the President of ETF Store, Nate Geraci, indicated that large players such as Grayscale and Bitwise are now starting to look into diversified fund offerings.
The change comes amid larger leadership shifts at the SEC after Chairman Gary Gensler announced his resignation, effective January 20, 2025.
Gensler had taken an extremely strict regulatory approach towards cryptocurrencies. His resignation is likely to pave the way for the appointment of a new person under the new pro-crypto administration led by Donald Trump that might usher in more industry-friendly policies.
