tl;dr
Hashdex has requested the U.S. Securities and Exchange Commission to approve an amendment allowing the addition of XRP, Solana, Cardano, and other major altcoins to its Hashdex Nasdaq Crypto Index US ETF (NCIQ). The fund, currently focused on Bitcoin and a smaller percentage of Ethereum, would also ...
Hashdex has requested approval from the U.S. Securities and Exchange Commission (SEC) to expand its Hashdex Nasdaq Crypto Index US ETF (NCIQ) to include XRP, Solana, Cardano, Chainlink, Uniswap, Litecoin, and Avalanche. Initially focused on Bitcoin and Ethereum, NCIQ, managing about $66 million in assets, received SEC approval for the fund in December. The demand for crypto funds has surged, with Bitcoin funds collectively managing about $100 billion in assets, and Ethereum-focused funds generating around $2.5 billion in net inflows over the past 14 months. Canary Capital has also applied for an ETF based on SUI, the native token of the layer-1 Sui blockchain.
Hashdex's request to expand altcoin coverage in its crypto-tracking exchange-traded fund reflects a larger trend of issuers seeking to incorporate altcoins into their offerings. Additionally, fund managers have proposed new investment options directly tracking the prices of various cryptocurrencies, including Dogecoin, XRP, Solana, and even Donald Trump’s official meme coin. NCIQ, which debuted on Feb. 14 and manages about $66 million in assets, was approved by the SEC in December, and a different version of the fund covering Bitcoin and nine other altcoins currently trades on the Bermuda Stock Exchange. The growing demand for crypto funds following the successful launch of Bitcoin ETFs has resulted in Bitcoin funds collectively managing about $100 billion in assets, while Ethereum-focused funds have drawn approximately $2.5 billion in net inflows over the past 14 months according to data from UK asset manager Farside Investors.