Hashdex files updated proposal for Nasdaq Crypto Index US ETF

Hashdex, an asset manager, has submitted an amended S-1 registration for its proposed Nasdaq Crypto Index US ETF, continuing its efforts to introduce a cryptocurrency index ETF in the U.S.

According to the October 1 filing with the Securities and Exchange Commission (SEC), the ETF will initially track Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH) as its core assets.

This move follows the SEC’s earlier decision in August to delay making a ruling on the proposal.

The Nasdaq Crypto US Index, which the ETF will mirror, currently tracks only BTC and ETH, but there are plans to potentially expand the selection to include more digital assets in the future, depending on regulatory approval.

This ETF aims to provide a comprehensive crypto investment solution for investors, offering access to multiple cryptocurrencies through a single product.

Industry experts believe that crypto index ETFs are a natural progression for the market.

"The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto," said Katalin Tischhauser, head of investment research at Sygnum, a crypto bank.

Franklin Templeton, another significant asset manager, also submitted its own crypto index ETF filing in August, intending to track BTC and ETH using the CF Institutional Digital Asset Index.

As of late September, the U.S. ETF market had grown to over $10 trillion in assets, with $20 billion flowing into cryptocurrency ETFs in 2024.

Based on data from Bloomberg Intelligence and Morningstar, 13 out of the 25 largest ETF launches this year by inflows were crypto ETFs, underscoring their growing importance in the market.