Hashdex has submitted to the SEC to expand its Nasdaq Crypto Index US ETF outside of Bitcoin and Ethereum, approval in search of approval to add Solana, Cardano and XRP under newly assumed generic list standards.
With the submission, the fund can keep track of the full composition of the Nasdaq Crypto Index instead of limiting holdings to the two largest digital assets.
Index weight
Bloomberg ETF analyst James Seyffart shared the submission on September 23It notes that Hashdex will follow the American Nasdaq crypto index, which includes additional digital assets that meet SEC -requirements.
The index is weighed with 72.5%in Bitcoin and 14.8%in Ethereum, with Solana consisting of 4.3%, Cardano 1.2%and XRP 6.9%.
The expansion attempt uses generic list standards that were approved by the SEC on 17 September for raw materials -based treasure parts at large fairs, including Nasdaq, CBOE and the New York Stock Exchange.
The standards are intended to streamline approval processes for exchanged products that are linked to digital assets.
Hashdex was one of the first Empartents to rise a dual-asset ETF in the crypto industry in June 2024. The original submission determined that the Bitcoin, Ethereum and Cash Fund would keep.
Bloomberg’s Seyffart commented on the first announcement that the combination of Bitcoin and Ethereum is ‘much logical’.
Regulatory route
The expansion attempt uses generic list standards that were approved by the SEC on 17 September for raw materials based on major stock exchanges.
The standards are aimed at streamlining approval processes for products traded by exchange rate that are linked to digital assets, which shift from long -term assessments of case by case.
However, the generic standards do not open approval for any type of crypto ETP, where the regulatory restrictions still apply selectively.
The outcome of the expansion of Hashdex could encourage similar attempts by other crypto fund managers looking for wider exposure to digital assets over Bitcoin and Ethereum.
