Hashdex submits second amendment for Nasdaq crypto ETF

Asset manager Hashdex has filed a second amended S-1 application for its proposed Nasdaq Crypto Index US ETF, according to a November 25 regulatory filing.

The ETF aims to provide a diversified cryptocurrency portfolio, marking further progress in the approval process with the Securities and Exchange Commission (SEC).

Initially, the ETF will include Bitcoin (CRYPTO:BTC) and Ether (CRYPTO:ETH), the only assets currently in the Nasdaq Crypto US Index, with potential expansion to other digital currencies.

Hashdex’s initial filing faced delays as the SEC requested additional time for review.

Industry analysts view crypto index ETFs as a natural evolution following the approval of BTC and ETH ETFs earlier this year.

“The next logical step is index ETFs because indices are efficient for investors — just like how people buy the SP 500 in an ETF,” remarked Katalin Tischhauser, head of investment research at Sygnum Bank.

The SEC’s approach to cryptocurrency regulation appears to have softened following Donald Trump’s election victory on November 5.

Trump has pledged to position the U.S. as the “world’s crypto capital.”

SEC Chair Gary Gensler, known for his strict regulatory stance, announced plans to leave office on January 20, 2025, coinciding with Trump’s inauguration.

Other asset managers, including Franklin Templeton and Grayscale, are also pursuing crypto index ETFs.

Franklin Templeton’s proposed ETF will track the CF Institutional Digital Asset Index, which includes BTC and ETH.

Grayscale, whose Digital Large Cap Fund holds a basket of cryptocurrencies like BTC, ETH, Solana (CRYPTO:SOL), and XRP (CRYPTO:XRP), is exploring ETF conversion opportunities.