Hashdex Files Amended S-1 for Nasdaq Crypto Index ETF
Asset manager Hashdex has filed an amended S-1/A form with the U.S. Securities and Exchange Commission for its proposed Hashdex Nasdaq Crypto Index US ETF. The updated filing indicates continued progress in the regulatory pipeline for new crypto-based exchange-traded products.
- The proposed ETF aims to track the Nasdaq Crypto Index US (NCIUS), a market-cap-weighted index co-developed by Hashdex and Nasdaq. While the index includes assets like Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA), the ETF will initially only hold spot Bitcoin and Ether. - This filing follows a broader SEC initiative to streamline the approval process for cryptocurrency ETFs, which can reduce the timeline from as long as 240 days down to a maximum of 75 days. This has encouraged a wave of new crypto ETF applications from various asset managers. - Competing financial firms are also entering the crypto index ETF space; Franklin Templeton has a similar crypto index ETF, and Grayscale's Digital Large Cap Fund seeks to offer a more diversified portfolio including Solana (SOL), Avalanche (AVAX), and Ripple (XRP). - The underlying Nasdaq Crypto Index uses vetted "Core Exchanges" such as Coinbase, Kraken, and Gemini, and "Core Custodians" like Coinbase Custody, BitGo, and Fidelity for determining asset eligibility and ensuring institutional-grade infrastructure. - Hashdex initially filed for a combined spot Bitcoin and Ether ETF in July 2024 and received approval in December 2024. The Hashdex Nasdaq Crypto Index US ETF (NCIQ) began trading in February 2025. - The fund's S-1 filing specifies that it will not invest in crypto securities, tokenized assets, or stablecoins. It will utilize custodians Coinbase Custody Trust Company and BitGo Trust Company to hold its underlying assets. - The ETF will be listed on the Nasdaq exchange with the ticker symbol NCIQ. The sponsor has set a temporary management fee of 0.25% per year through December 31, 2026, after which it will increase to 0.50%.
