Hashdex has submitted a second amendment to its S-1 filing for the Hashdex Nasdaq Crypto Index US (NCIUS) exchange-traded fund (ETF), following a request from the U.S. Securities and Exchange Commission (SEC) for additional time to evaluate the proposal. This revised filing, made on November 25, follows the SEC’s request in August for more time to assess the original filing submitted on June 24.
The NCIUS ETF is designed to track the performance of a diversified basket of cryptocurrencies, providing exposure to the digital asset market. Initially, the fund will focus solely on Bitcoin and Ether, excluding other cryptocurrencies, stablecoins, or tokenized assets. However, the fund’s portfolio may expand in the future, offering the potential for a broader range of digital assets.
If approved, the NCIUS ETF would become the first diversified spot cryptocurrency ETF in the United States, providing a significant opportunity for investors seeking exposure to multiple digital assets in a single fund.
Hashdex’s filing follows similar moves by other firms. Notably, Franklin Templeton filed for its own crypto index ETF in August, targeting the CF Institutional Digital Asset Index. Like Hashdex’s proposal, Franklin Templeton’s ETF will initially focus on Bitcoin and Ether, in line with regulatory constraints, but could expand its offerings in the future. The SEC recently delayed its decision on the Franklin Templeton Crypto Index ETF until January 6, 2025, citing a lack of public comments since its publication in October.
Crypto index ETFs are gaining attention as the next big trend in the cryptocurrency space, following the success of Bitcoin and Ether spot ETFs. Industry players such as Grayscale and Bitwise are also exploring diversified crypto fund offerings, as demand for exposure to a broader range of digital assets grows.
These developments come as the SEC prepares for a shift in leadership, with Chairman Gary Gensler set to resign on January 20, 2025. Gensler, known for his strict regulatory stance on cryptocurrencies, will be succeeded by a new appointee under the pro-crypto administration of incoming President Donald Trump. This leadership change could signal a more favorable regulatory environment for the cryptocurrency industry moving forward.
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