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Hashdex Asset Management has today launched the first exchange-traded product (ETP) in the United States that offers exposure to multiple cryptocurrency assets through a single investment vehicle. The Hashdex Nasdaq Crypto Index US ETF, trading under the ticker NCIQ on the Nasdaq Stock Market, provides investors with exposure to both Bitcoin and Ether.
The product tracks the Nasdaq Crypto US Index (NCIUS), which was jointly developed by Nasdaq Global Indexes and Hashdex. The management fee is set at 0.25% per annum of the daily net asset value until the end of 2025, rising to 0.50% thereafter.
The launch comes amid growing institutional interest in cryptocurrency investment products, with US crypto ETF assets under management reaching over USD 120 billion. Bitcoin and Ether, the two cryptocurrencies currently included in the index, have a combined market capitalisation exceeding USD 2.3 trillion.
Marcelo Sampaio, Co-Founder and CEO of Hashdex, said: "Since our founding, Hashdex has held the belief that a basket of crypto assets offers multiple benefits and is a great way for many investors to participate in the crypto ecosystem. Until today, U.S. investors have been forced to either purchase coins directly or invest in single-asset vehicles. Now, with the launch of NCIQ, we are proud to deliver a familiar and readily tradeable U.S.-based product that provides seamless exposure to bitcoin and ether. Alongside our partners at Nasdaq Global Indexes, we are thrilled to take this exciting step in bringing our expertise in crypto index and crypto index-based products to U.S. investors, and we look forward to continuing to deliver innovative crypto index products as the industry and regulatory landscape further evolves."
The product builds on Hashdex's existing market presence, as the firm currently manages the largest multi-asset crypto ETP in Europe and the largest ETF in Latin America.
Cameron Lilja, Vice President and Global Head of Index Product and Operations at Nasdaq Global Indexes, commented: "Nasdaq Global Indexes and Hashdex share a mission of advancing crypto asset indexes and financial vehicles to meet the ever-growing demand from investors looking for access to the rapidly evolving crypto sector. Nasdaq Crypto Indexes offer a standardized approach to capturing the performance of a material portion of the overall crypto asset market, serving as a guidepost in the dynamic crypto asset landscape. Today's announcement marks a significant step forward in bringing a rules-based methodology-driven benchmark to US investors, adding to comparable products in Europe and Latin America."
Samir Kerbage, CIO at Hashdex, added: "With interest in crypto asset ETFs continuing to grow, reaching over $120 billion in U.S. AUM alone, we believe that what investors really need is an easy, passive way to invest in a product that is constantly evolving to capture the latest trends in the broader crypto market. With a structure similar to traditional index products, NCIQ offers investors a multi-asset investment approach that is proven, familiar, and readily tradeable. As the crypto market continues to develop, we expect there to be ongoing volatility with newer coins that disrupt the market share of bitcoin, ether and other dominant assets, and we expect index-based products will enable wealth managers and investors to benefit from the growth of the rapidly changing sector without needing to be actively managing single asset crypto exposure."
The product's service providers include Paralel Distributors LLC as marketing agent, Coinbase Custody and BitGo Trust as crypto asset custodians, and U.S. Bank Global Fund Services as fund administrator. Nasdaq serves as both the index administrator and listing venue.
