30s Summary

Asset manager firm Hashdex has updated its plan for a new cryptocurrency index ETF and resubmitted it to the SEC. The proposed fund will initially include Bitcoin and Ether, but may add more digital currencies later. This follows a trend towards crypto index ETFs among asset managers, with Franklin Templeton and Grayscale also planning similar products. The outgoing SEC Chair, Gary Gensler, is known for his strict stance on crypto regulation.

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Hashdex, an asset manager firm, has further updated its proposed plan for a new exchange-traded fund (ETF) that would serve as a one-stop-shop for investing in various cryptocurrencies, according to an official filing on November 25. This recent filing is a step forward for their proposed ETF for crypto index with the top financial regulator in the United States, the Securities and Exchange Commission (SEC).

Back in October, Hashdex sent its first proposed plan to the SEC, who asked for more time to decide if they should approve trading of this ETF. The ETF Hashdex is proposing initially includes Bitcoin and Ether, which are currently the only assets in the Nasdaq Crypto US Index. However, Hashdex may add more digital currencies in the future, according to their submission.

Experts in the industry suggest crypto index ETFs are the next big thing for issuers after Bitcoin and Ether ETFs were listed in January and July. The SEC under Donald Trump has warmed up to the idea of crypto regulation. On November 21, Gary Gensler, SEC Chair who is known for his strict stance on crypto regulation, said he’ll leave the organization on January 20, 2025.

It’s not only Hashdex who’s looking to launch a crypto index ETF, as asset managers Franklin Templeton and Grayscale have expressed similar intentions. The Franklin Crypto Index ETF and the Grayscale Digital Large Cap Fund each aim to track the performance of these crypto indices. Grayscale’s fund stands out due to its unique composition of alternative cryptocurrencies.