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July 19, 2024
PI Global Investments

Bitcoin, Ethereum ETF Hopeful Hashdex Waives Fees for Europe Fund

Hashdex, a global crypto-focused asset manager, announced Wednesday that it will waive all fees for its Hashdex Nasdaq Crypto Index Europe (HASH) fund until it reaches $1 billion in net asset value. 

The news comes as Hashdex pushes to offer a first-of-its-kind joint Exchange Traded Fund (ETF) in the U.S. that will hold both Bitcoin and Ethereum.

Its HASH fund—an Exchange Traded Product (ETP)—is the second largest crypto index ETP in Europe, with over $100 million in net asset value. HASH is currently listed on the SIX Swiss Exchange, Deutsche Börse Xetra, Euronext Paris, and Euronext Amsterdam.

“Hashdex believes that participating in the long-term promise of crypto is best fulfilled by gaining exposure to multiple digital assets through a best-in-class index,” Marcelo Sampaio, Hashdex co-founder and CEO, said in a press release. “We see a tremendous opportunity to invite more European investors into the crypto ecosystem with this fee waiver.”

Calling it an “extraordinary incentive,” Sampaio said the move will encourage investors to hold assets across the crypto ecosystem.

The Hashdex Nasdaq Crypto Index (NCI), developed in collaboration with Nasdaq, has quickly established itself as a leading index for crypto ETFs and ETPs globally, the company said.

Hashdex’s proposed joint Bitcoin and Ethereum ETF, if approved, would track the NCI and include cash holdings along with crypto. Coinbase Custody and BitGo would be its designated custodians.

The NCI is a market-capitalisation-weighted index, meaning the fund would primarily hold Bitcoin (70.54%) and Ethereum (29.46%), mirroring the relative weightings of these two dominant cryptocurrencies. 

Hashdex began offering a Bitcoin spot ETF in April and is among the firms approved to offer an Ethereum spot ETF last month, establishing it as a major player in a year of milestones for crypto funds in the U.S.

Edited by Ryan Ozawa.

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