Hashdex Seeks SEC Approval for Major Altcoins in ETF

Hashdex has requested the U.S. Securities and Exchange Commission (SEC) to approve an amendment to include XRP, Solana, Cardano, and other major altcoins in its Hashdex Nasdaq Crypto Index US ETF (NCIQ), according to a filing with the regulator on Monday.

The NCIQ fund currently focuses primarily on Bitcoin and tracks a smaller percentage of Ethereum, but the amendment would add Chainlink, Uniswap, Litecoin, and Avalanche to its holdings.

This filing aligns with recent trends, as issuers aim to broaden their altcoin coverage in crypto-tracking exchange-traded funds. Fund managers have proposed new offerings directly tracking the prices of various cryptocurrencies, including Dogecoin, XRP, Solana, and even a meme coin linked to Donald Trump.

On the same day, Canary Capital submitted an application for an ETF based on SUI, the native token of the Sui blockchain.

Decrypt reached out to Hashdex for comments regarding the filing.

NCIQ, which launched on February 14, manages approximately $66 million in assets, according to ETF.com. Hashdex, based in Brazil, received SEC approval for the fund in December. A different version of this fund, which covers Bitcoin and nine other altcoins, is currently traded on the Bermuda Stock Exchange.

Demand for crypto funds has surged over the past 14 months, particularly after the successful introduction of ETFs that track Bitcoin. Currently, 11 Bitcoin funds collectively manage about $100 billion in assets.

While Ethereum-focused funds have drawn less attention, they have still generated around $2.5 billion in net inflows, based on data from UK asset manager Farside Investors.

Edited by Andrew Hayward