A cryptocurrency exchange-traded fund (ETF) by Nasdaq and Brazilian fund manager Hashdex has reportedly been approved to trade on the Bermuda Stock Exchange. Hashdex says the new cryptocurrency investment product tracks the Nasdaq Crypto Index.
Hashdex Says ETF Will Track Nasdaq Crypto Index
Brazilian fund manager Hashdex confirmed to news.Bitcoin.com on Tuesday that the company is launching a cryptocurrency ETF, co-developed with Nasdaq. A Hashdex spokesperson said that the ETF has been approved by the Bermuda Stock Exchange (BSX), elaborating:
The ETF will be available for public trading on BSX once the Nasdaq Crypto Index [NCI] is officially launched.
As for the launch date, “We can’t confirm any dates at this moment. However, it shouldn’t take long. We need the NCI launch first,” the spokesperson emphasized, adding that “Nasdaq will reveal more details about the index methodology once it is launched as well.” At press time, little information has been revealed about this new investment product.
The BSX exchange also independently announced Friday the admission of “Hashdex Nasdaq Crypto Index ETF Class E Shares” to its official listing. The method of listing, however, is “private placement,” with Hashdex Nasdaq Crypto Index ETF as the issuer.
According to its listing page on the BSX website, Hashdex Nasdaq Crypto Index ETF’s “investment objective is to provide investment results that minimize the tracking difference of the performance of the Nasdaq Crypto Index … on a 12-month window.” The index is being co-developed by Hashdex and Nasdaq Inc. The latter will administer and maintain the index on an ongoing basis.
The spokesperson further clarified to news.Bitcoin.com that the upcoming ETF will not be available to American investors, therefore it does not require the approval of the U.S. Securities and Exchange Commission (SEC). Currently, the U.S. SEC has not approved any bitcoin or cryptocurrency ETF. All proposed rule changes to list…