Hashdex has filed an application to include major altcoins, including Solana, XRP and Cardano, in its Nasdaq Crypto Index ETF amid new SEC standards.
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Hashdex filed with the SEC to expand its Nasdaq Crypto Index US ETF beyond Bitcoin and Ethereum, seeking approval to add Solana, Cardano, and XRP under newly adopted generic listing standards.
The filing enables the fund to track the complete composition of the Nasdaq crypto index rather than limiting holdings to the two largest digital assets.
Bloomberg ETF analyst James Seyffart shared the filing on Sept. 23, noting Hashdex will follow the US Nasdaq crypto index, which includes additional digital assets that meet SEC requirements.
The index is weighted 72.5% in Bitcoin and 14.8% in Ethereum, with Solana comprising 4.3%, Cardano 1.2%, and XRP 6.9%.
The expansion attempt leverages generic listing standards approved by the SEC on Sept. 17 for commodity-based trust shares on major exchanges, including Nasdaq, Cboe, and the New York Stock Exchange.
The standards aim to streamline approval processes for exchange-traded products tied to digital assets.
Hashdex was one of the first issuers to pursue a dual-asset ETF in the crypto industry in June 2024. The original filing specified the fund would hold Bitcoin, Ethereum, and cash.
Bloomberg’s Seyffart commented on the initial announcement that the combination of Bitcoin and Ethereum “makes a lot of sense.”
The expansion attempt leverages generic listing standards approved by the SEC on Sept. 17 for commodity-based trust shares on major exchanges.
The standards aim to streamline approval processes for exchange-traded products tied to digital assets, shifting from lengthy case-by-case reviews.
However, the generic standards don’t open approval for every type of crypto ETP, with regulatory limitations still applying selectively.
The outcome of Hashdex’s expansion filing could encourage similar attempts by other crypto fund managers seeking broader digital asset exposure beyond Bitcoin and Ethereum.
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
NASDAQ, which stands for the National Association of Securities Dealers Automated Quotations, is an American stock exchange based in New York City and one of the largest electronic stock markets in the world.
Cboe Global Markets is a leading global exchange operator and provider of financial market solutions.
James Seyffart is a well-regarded analyst at Bloomberg Intelligence, specializing in Exchange-Traded Funds (ETFs) and the broader fund industry.
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