Nasdaq Crypto Index ETF made its debut on the Bermuda Stock Exchange on Tuesday, according to The Block. The ETF will be available to a smaller pool of investors and highlights progress for such products and Nasdaq’s ambitions to power crypto-tied products.
- The launch of the crypto ETF highlights the ambitions of data firms that hope to provide the informational foundations for them.
- Nasdaq has been exploring how to break into the crypto index market for several years before developing the Crypto Index in July 2020.
- The Nasdaq Crypto Index was developed alongside Hashdex, which licenses the index across its funds in Brazil.
- Nasdaq expects the revenue opportunity for the new ETF to be small at the early stage and is taking a partnership approach and splitting profits with Hashdex to grow.
- Both S&P Global and Cboe also announced plans to launch crypto indexes.
Bitcoin is currently gaining. BTCUSD is up 5.64%
