Key Takeaways
Nasdaq’s crypto ETF launched with $70 million in belongings, primarily monitoring Bitcoin and Ethereum.
The ETF fees a 0.25% annual administration payment, growing to 0.50% after 2025.
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Hashdex, a distinguished participant within the crypto ETF sector, is searching for approval from the SEC to develop its Nasdaq Crypto Index US ETF to incorporate XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI), based on a latest modification submitted to the securities regulator.
The ETF, buying and selling beneath the ticker NCIQ, formally launched on February 13 after securing approval from the SEC. The fund can also be the primary twin Bitcoin-Ethereum ETF within the US.
The ETF fees a administration payment of 0.25% yearly by December 31, 2025, after which it should improve to 0.5%. Coinbase Custody and BitGo Belief function crypto asset custodians for the fund.
Presently, the ETF holds roughly 88% of Bitcoin and roughly 12% of Ethereum and has roughly $70 million in complete web belongings.
In an announcement upon the ETF launch, Hashdex stated that crypto belongings should meet a number of standards to be eligible for inclusion within the index, together with buying and selling on at the least two core crypto platforms, having custodial assist, sustaining minimal buying and selling volumes, and being listed on a US-regulated crypto asset buying and selling platform or derivatives platform.
The submitting detailed the evaluation of the highest 15 crypto belongings by market capitalization as of October 23, 2024, in opposition to 5 “NCI Standards.” Solely BTC, ETH, AVA, LINK, and LTC met all standards on the time.
Hashdex additionally famous that new crypto belongings will solely be thought of for inclusion in the event that they meet the predetermined “eligibility standards” outlined of their submitting.
The proposal got here lower than a month after Hashdex obtained approval from the Brazilian Securities and Trade Fee (CVM) to launch the world’s first spot XRP ETF, the Hashdex NASDAQ XRP Index Fund.
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