A cryptocurrency exchange-traded fund (ETF) from Nasdaq and Brazilian fund manager Hashdex has reportedly been approved for trading on the Bermuda Stock Exchange. Hashdex says the new cryptocurrency investment product tracks the Nasdaq Crypto Index.
Hashdex says the ETF will follow the Nasdaq crypto index
Brazilian fund manager Hashdex confirmed Tuesday to news.Bitcoin.com that the company is launching a cryptocurrency ETF, developed in partnership with Nasdaq. A spokesperson for Hashdex said the ETF was 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 cannot confirm any date at this time. However, it shouldn’t take long. First we need the launch of the NCI,” the spokesperson stressed, adding that “the Nasdaq will also reveal more details about the launch. methodology of the index once it is launched “. At press time, little information has been revealed about this new investment product.
The BSX exchange also independently announced on Friday the admission of “Hashdex Nasdaq Crypto Index ETF Shares Class E” 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, “The investment objective of the Hashdex Nasdaq Crypto Index ETF is to provide investment results that minimize the difference in tracking the performance of the Nasdaq Crypto Index … on a 12-month window “. The index was 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 next ETF will not be available to US investors, so it doesn’t require approval from the US Securities and Exchange Commission (SEC). Currently, the US SEC has not approved any bitcoin or cryptocurrency ETFs. All changes to the proposed rules for listing and trading bitcoin ETFs have so far been rejected. There are, however, several private investment products, such as Grayscale Investments’ GBTC.
According to its website, the Bermuda Stock Exchange, founded in 1971, is recognized by the US SEC as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a designated investment exchange; HM Revenue & Customs in the UK as a recognized stock exchange; Monetary Authority of Bermuda as a recognized investment exchange; and as an approved exchange under the Australian tax laws on foreign investment funds.
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