Rumor has it that Hashdex intends to enrich its crypto index ETF by incorporating XRP and ADA into the composition.
Hashdex, a Brazilian company specializing in digital asset management, has submitted a revision to the SEC to broaden its crypto index ETF by encompassing a spectrum of altcoins, prominently XRP and Cardano (ADA).
To be eligible, crypto tokens must fulfill specific requirements, such as being traded on prominent exchanges (such as Bitstamp, Coinbase, Gemini) and possessing free-floating pricing, implying their value is not linked to another asset.
Hashdex is also monitoring aspects like reputation and security. Cryptocurrencies that do not offer any novelty or lack innovation in the crypto economy may not qualify. And, unfortunately for meme coin enthusiasts, they are likely to be excluded.
As of March 17, Bitcoin constitutes a substantial 88.3% of the ETF, with Ethereum (ETH) accounting for the remaining 11.7%.
The new tokens will be weighted according to their free-float market capitalization.
Currently, the ETF’s total net assets amount to $70.43 million.
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An enlarged iteration of the ETF, providing an even greater selection of cryptocurrencies, is already accessible on the Bermuda Stock Exchange.
Just last month, Hashdex secured approval to introduce the world’s first spot XRP ETF. Prior to that, they also obtained the authorization to launch an ETF offering exposure to Solana (SOL).
In the meantime, back in the US, numerous proposals are awaiting approval for various spot altcoin ETFs.
