Hashdex amends S-1 for crypto index ETF, adds seven altcoins
Asset manager Hashdex has amended its S-1 regulatory filing for its cryptocurrency index exchange-traded fund (ETF) to include seven altcoins in addition to Bitcoin (BTC) and Ether (ETH), according to a March 14 filing.
The revision proposes adding seven specific altcoins to the index ETF — Solana (SOL), XRP (XRP), Cardano (ADA), Chainlink (LINK), Avalanche (AVAX), Litecoin (LTC), and Uniswap (UNI). As of March 17, the Hashdex Nasdaq Crypto Index US ETF holds only Bitcoin and Ether.
Previous versions of Hashdex’s S-1 suggested the possibility of adding other cryptocurrencies in the future but didn’t specify which ones.
According to the filing, the proposed altcoins additions “are decentralized peer-to-peer computer systems that rely on public key cryptography for security, and their values are primarily influenced by market supply and demand.”
The revised filing signals how ETF issuers are accelerating planned crypto product rollouts now that US President Donald Trump has instructed federal regulators to take a more lenient stance on digital asset regulation.
As part of the transition, the ETF plans to switch its reference index from the Nasdaq Crypto US Index — which only tracks BTC and ETH — to the more comprehensive Nasdaq Crypto Index, the filing said.
The asset manager did not specify when it plans to make the change. The US Securities and Exchange Commission (SEC) must sign off on the proposed changes before they can take effect.
Hashdex plans to add seven altcoins to its index ETF. Source: SEC
Related: US crypto index ETFs off to slow start in first days since listing
Accelerating approvals
In December, the SEC gave the green light to both Hashdex and Franklin Templeton’s respective Bitcoin and Ether index ETFs.
Both ETFs were listed in February, initially drawing relatively modest inflows, data shows. They are the first US ETFs aiming to offer investors a one-stop-shop diversified crypto index.
Asset manager Grayscale has also applied to convert its Grayscale Digital Large Cap Fund to an ETF. Created in 2018, the fund holds a crypto index portfolio comprising BTC, ETH, SOL and XRP, among others.
Industry analysts say crypto index ETFs are the next big focus for issuers after ETFs holding BTC and ETH listed in January and July, respectively.
“The next logical step is index ETFs because indices are efficient for investors — just like how people buy the S&P 500 in an ETF. This will be the same in crypto,” Katalin Tischhauser, head of investment research at crypto bank Sygnum, told Cointelegraph in August.
In February, the SEC acknowledged more than a dozen exchange filings related to cryptocurrency ETFs, according to records.
The filings, submitted by Cboe and other exchanges, addressed proposed rule changes concerning staking, options, in-kind redemptions and new types of altcoin funds.
Magazine: US enforcement agencies are turning up the heat on crypto-related crime
Sir Ed Davey has written to King Charles to explain why he believes he has to refuse his invite to a state banquet for Donald Trump.
The Lib Dem leader said on Wednesday he will be boycotting the dinner next month during the US president’s second state visit to the UK because of the situation in Gaza.
He told Sky News on Thursday: “I’ve written to him [the King] personally explaining my thinking.
“And it’s with deep regret that I’ve had to take the decision, but I feel with what is going on in Gaza, it’s the best way I can get my voice heard.”
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Sir Ed said the “sad truth” is Mr Trump is the “one man” who has the power to stop the “horrible famine in Gaza, could get the hostages released, could bring an end to this horrendous humanitarian crisis”.
He said the US president could do that by phoning up Israeli Prime Minister Benjamin Netanyahu and telling him to stop.
The Lib Dem leader said Mr Trump could also call up the Qatari government and other Gulf states to get them to put pressure on Hamas to release the remaining 50 Israeli hostages (20 living, 30 dead) they took on 7 October 2023.
The King and Donald Trump during his first state visit in 2019. Pic: Reuters
He emphasised that he has “huge respect” for the King and it was a very difficult decision he “really wrestled with” and involved him talking to his wife and praying about it.
Sir Ed denied it was political posturing and instead is one of the only ways he could get Mr Trump to listen.
“I didn’t want him to come to the UK without being reminded, as best I can, that he has that moral responsibility, frankly,” he added.
“And from what I’m picking up from many people, there are people across the political spectrum who agree with me and the Democrats that it is Donald Trump, it is the United States who has this power over Netanyahu, over Hamas, albeit indirectly, to stop this horrendous situation.”
Publicly refusing the King’s invite is “the best way I can get my voice heard,” Sir Ed said.
Read more:
British journalists demand action from PM over war in Gaza
Has Trump ended seven wars as he claims?
King Charles will host a state dinner for Donald Trump. Pic: PA
Tony Blair at White House Gaza meeting
While Sir Ed is choosing to snub Mr Trump to get his voice heard, former Labour prime minister Sir Tony Blair has been asked by the US president for help on Gaza.
Sir Tony joined a White House meeting on Wednesday, chaired by Mr Trump, to discuss the war in Gaza and post-war plans for the Palestinian territory, a senior White House official confirmed.
They were joined by Mr Trump’s former Middle East envoy and son-in-law, Jared Kushner, to also discuss the hostage crisis and plans to escalate food aid deliveries.
The official described it as “simply a policy meeting”.
In July, the Financial Times reported the Tony Blair Institute had participated in a project to develop a post-war Gaza plan, with the think tank having “had many calls with different groups on post-war reconstruction of Gaza but none included the idea of forcible relocation of people from Gaza”.
Sir Ed called on Sir Tony to be quizzed in parliament about his discussions with the Trump administration.
“If he has special insight into Trump’s intentions, it’s only right that parliament and the government are made privy to this,” he said.
“We must leverage all the information and resources at our disposal to make Trump do the right thing.”
The change is part of the Commodity Futures Trading Commission’s “crypto sprint,” an initiative to overhaul regulations in response to proposals from the Trump administration.
The US government announced on Tuesday that it is publishing economic data onchain to boost transparency for government spending.
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