🚨💸 The Crypto Index ETF: A Wild Ride Ahead? 🤯
As one navigates the treacherous waters of cryptocurrency, it’s a wonder anyone still dares to dip their toes. But, alas, some brave souls persist, like Hashdex, a Brazil-based asset manager with a penchant for digital assets. They’ve filed an amendment with the U.S. Securities and Exchange Commission, hoping to expand their cryptocurrency index ETF with a few more altcoins, including XRP and Cardano (ADA). One can only imagine the thrill of watching their portfolio grow, like a teenager’s acne.
In order to be eligible for inclusion in the index, cryptocurrency tokens must meet a few criteria, rather like a debutante’s ball. They must have tradable markets listed on core exchanges (think Bitstamp, Coinbase, Gemini, and so on) and have free-floating pricing, meaning their value isn’t pegged to some other asset, like a trusty sidekick.
But, of course, there are other factors to consider, like reputational and security concerns. One wouldn’t want their ETF to be tainted by a crypto that’s more novelty than substance. And, really, who needs meme cryptocurrencies, anyway? They’re just a bunch of noise, like a Twitter argument.
As of March 17, Bitcoin has an 88.3% weighting in the ETF, while Ethereum (ETH) accounts for the remaining 11.7%. It’s rather like a high school popularity contest, with Bitcoin being the star quarterback and Ethereum the… well, the other quarterback.
The new tokens will be weighed based on their free float market capitalizations, because, you know, that’s how you measure a cryptocurrency’s worth. And, as of now, the ETF has a total of $70.43 million in net assets. Not bad, not bad at all, especially considering it’s still in its infancy.
An expanded version of the ETF, offering more cryptocurrencies, is already available on the Bermuda Stock Exchange, because, why not? And, last month, Hashdex secured approval to launch the world’s first spot XRP ETF. Because, of course, they did. And, to top it all off, they also obtained approval to launch an ETF that offers exposure to Solana (SOL). One can only imagine the excitement of watching their portfolio grow, like a teenager’s… well, you get the idea.
Meanwhile, there are countless pending proposals to launch various spot altcoin ETFs in the U.S. It’s rather like a game of musical chairs, with everyone scrambling to get in on the action. But, really, who knows what the future holds? Maybe we’ll all wake up one morning and find that cryptocurrencies are nothing more than a distant memory, like a bad haircut.
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2025-03-18 00:10