Ah, the illustrious Nasdaq, that grand bazaar of stocks, has decided to don a new hat—one bedecked with the shimmering jewels of digital assets! In a most audacious proposal, they seek to introduce a veritable cornucopia of listing and trading rules for those whimsical investment products that dance to the tune of the digital realm. 🎩✨
What’s Nasdaq Rule 5712?
In a recent epistle to the financial gods, Nasdaq has unveiled its latest masterpiece: the Nasdaq Rule 5712. This rule, dear reader, is not merely a number but a promise—a promise to allow the listing and trading of those beguiling digital asset-based investment interests. How thrilling! 🥳
These interests, mind you, are not just any trifles; they encompass securities issued by entities that cradle digital assets like a mother hen with her chicks, as well as investment products that spring forth from commodities, cash, derivatives, or other such delightful sources. One can hardly contain their excitement! 😏
But wait! The pièce de résistance is the proposal to shift the listing and trading of the Hashdex Nasdaq Crypto Index US ETF (NCIQ). This ETF, a creation of the asset manager Hashdex, is currently listed under a different rule, but fear not! The proposal envisions a glorious reclassification under Rule 5712. A true metamorphosis! 🦋
The filing, in its eloquence, proclaimed, “This proposal aims to amend representations regarding the investment objective and strategy of the [Hashdex Nasdaq Crypto Index US ETF] made in the rule change previously filed with and approved by the Securities and Exchange Commission relating to the Trust.” How delightfully verbose! 📜
Nasdaq and Hashdex Launch NCIQ
On the fateful day of February 14, 2025, Nasdaq and Hashdex joined forces to unveil the Hashdex Nasdaq Crypto Index US ETF. This product, dear friends, is heralded as the first multi-asset spot crypto exchange-traded product (ETP) available to the discerning U.S. investors. A true marvel of modern finance! 💖
Reportedly, the NCIQ offers a tantalizing taste of both spot Bitcoin and Ethereum. Marcelo Sampaio, the Co-Founder and CEO of Hashdex, could hardly contain his glee, exclaiming,
“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.”
Ah, the stock market’s recent whim to recategorize the NCIQ coincides with the Brazilian regulators’ approval of Hashdex’s XRP ETF application. This, my dear audience, signals the launch of Brazil’s first spot XRP ETF. How splendidly synchronized! 🎉
Stock Market’s Broader ETF Exposure
As the tides of institutional interest in altcoin ETFs rise, Nasdaq has filed 19b-4 forms with the Securities and Exchange Commission (SEC) to introduce CoinShares’ XRP and Litecoin ETFs. The stock market, it seems, is eager to list and trade these altcoin ETFs like a child with a new toy. 🧸
In a recent twist of fate, the US SEC has acknowledged CoinShares’ XRP ETF application, marking its fourth recognition of an XRP ETF proposal. The SEC, in its infinite wisdom, has previously acknowledged the XRP ETF applications submitted by Grayscale, 21Shares, and Bitwise. A veritable parade of proposals! 🎊
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2025-02-20 00:35