Hashdex submits revised filing for Its Crypto Index ETF Proposal

Hashdex has amended its S-1 filing for the Hashdex Nasdaq Crypto Index U.S. exchange-traded fund for the second time.

This revised submission follows the SEC’s previous request in August for more time to consider the proposal, according to a Nov. 25 filing with the Securities and Exchange Commission. Hashdex first filed its S-1 registration statement on June 24.

For those unfamiliar, a crypto index ETF is a fund that tracks the performance of a number of cryptocurrencies and provides diversified access to the digital asset market. It aims to replicate the performance of an underlying index by holding the same assets in similar ratios.

The NCIUS ETF’s portfolio will include only Bitcoin (BTC) and Ether (ETH) and will avoid investing in other cryptocurrencies, tokenized assets, stablecoins, or crypto-related securities. However, more assets may be included in the future.

If approved, it would be the first diversified spot cryptocurrency ETF in the United States and offer access to multiple digital assets within a single fund.

Other issuers have also filed for similar crypto index ETFs. Notably, Franklin Templeton filed an application in August for the Franklin Crypto Index ETF, which aims to track the CF Institutional Digital Asset Index. Like Hashdex’s offering, it was initially limited to Bitcoin and Ether due to regulatory restrictions but has the potential to expand in the future.

On November 20, the United States Securities and Exchange Commission postponed its approval decision on the Franklin Templeton Crypto Index ETF until January 6, 2025, citing that it had not received any public comments on the proposed rule change since its publication on October 8.

Crypto index funds appear to be the industry’s next big focus after the success of Bitcoin and Ether spot ETFs. ETF Store Head Nate Geraci recently highlighted that major players such as Grayscale and Bitwise are now exploring diversified crypto fund offerings.

The developments come as the SEC braces for significant leadership changes after Chairman Gary Gensler announced his resignation, effective January 20, 2025.

Gensler, known for his strict regulatory approach to cryptocurrencies, will be replaced by a new person under the new pro-crypto administration led by Donald Trump, potentially bringing a shift towards more industry-friendly policies.