Bermuda Stock Exchange Approves to List ETF Cryptocurrency by Nasdaq & Hashdesk
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Bermuda Stock Exchange Approves to List ETF Cryptocurrency by Nasdaq & Hashdesk

September 24, 2020      Ashna Goel

A cryptocurrency ETF – Exchange-traded fund, by Nasdaq and Hashdex has been approved to be listed on Bermuda stock Exchange. This new cryptocurrency investment product traces the Nasdaq Crypto Index, added the spokesperson at Brazilian fund manager Hashdex.

BSX Lists New Cryptocurrency ETF

On Tuesday, Hashdex took on news.bitcoin.com to announce the launch of the co-developed cryptocurrency ETF with Nasdaq, elaborating the availability of the cryptocurrency on Bermuda Stock Exchange (BSX) : “ The ETF will be available for public trading on BSX once the Nasdaq Crypto Index (NCI) is officially launched.” 

On Friday, BSX separately confirmed the admission of “Hashdex Nasdaq Crypto Index ETF class E Shares” to the official listing even though the listing was “private placement” in reference to Hashdex Nasdaq Crypto Index ETF being the issuer.

The launch date of the currency, however, has not been specified but is expected to be available soon, “ We can’t confirm any dates at the moment. However, it shouldn’t take long. We need the NCI launch first,” mentioned the Hashdex spokesperson, adding “ Nasdaq will reveal more details about the index methodology once it is launched as well.” Sadly the press time witnessed very little product information on the new cryptocurrency.

No Approval Required From U.S. SEC

At the moment, there are no approved bitcoin or cryptocurrency ETF by the U.S. SEC, moreover, any proposed changes in listing and trading bitcoin ETFs has so far been rejected. It was further clarified that this upcoming cryptocurrency ETF would not require the approval of the U.S. Securities and Exchange Commission (SEC) due to its unavailability to American Investors.

The BSX website’s listing page mentions, “ investment objective is to provide investment results that minimize the tracking difference of the performance of the Nasdaq Crypto Index… on a 12-month window.”  The co-developed index by Hashdex and Nasdaq Inc. is said to be administered and maintained on a regular basis by the latter.

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Ashna Goel
Ashna Goel

Ashna is a graduate from Amity University specializing in Journalism and Mass communications. She is currently working as a content writer for Agio support solutions Pvt. Ltd. She aims to provide quality content and strategy in the field of cryptocurrency and work with digital marketing platforms to deliver brand-specific strategies.