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Regulators postpone listing decision for Hashdex Nasdaq Crypto Index ETF

Validated Media

By Alex O’Donnell

If approved, the ETF would be the first US fund to hold a diversified portfolio of spot cryptocurrencies.

United States regulators said they would need more time to decide if an exchange-traded fund (ETF) designed as a one-stop-shop crypto portfolio can list on Nasdaq’s electronic securities exchange, according to an Aug. 9 regulatory filing.

The filing was a response to Nasdaq’s June request for permission to list the Hashdex Nasdaq Crypto Index ETF on its electronic exchange.

If approved, the Hashdex Nasdaq Crypto Index ETF would be the first diversified spot crypto ETF to hit the US markets. It would also be the first US ETF to hold alternative cryptocurrencies, or “altcoins.”

The Nasdaq Crypto US Index (NCIUS) tracks a diverse portfolio of cryptocurrencies. Source: Nasdaq

The ETF is intended to track the Nasdaq Crypto US Index (NCIUS), which represents a diverse portfolio of cryptocurrencies weighted by market capitalization. Holdings range from core digital assets — such as Bitcoin and Ether— to altcoins, such as Chainlink

LINK and Uniswap,according to the ETF’s registration filing.

Approximately 95% of the index comprises ETH and BTC.

Before the ETF can trade on exchanges, the Securities and Exchange Commission must sign off on its registration application — called an S-1 — and permit at least one public equities exchange, such as Nasdaq, to list the product.

On Aug. 6, Nasdaq submitted a similar filing to US regulators requesting permission to list options on ETH ETFs. So far, the SEC has not allowed any exchanges to list options on spot BTC or ETH ETFs.

If granted, Nasdaq’s request would allow options trading solely for BlackRock’s iShares Ethereum Trust (ETHA), which is the only ETH ETF listed on Nasdaq’s electronic exchange. The other ETF ETFs are listed on the New York Stock Exchange’s (NYSE) Arca or Cboe.

In July, the SEC told the half dozen options exchanges — including Nasdaq ISE — that had asked to list options on spot BTC ETFs that more time was needed to reach a decision.

Bitcoin and Ether ETFs first launched in the US in January and July, respectively. They now command approximately $65 billion in assets between them, according to data from Yahoo Finance.

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