As part of its European growth, Hashdex Gestora de Recursos Ltda. intends to launch its first European cryptocurrency exchange-traded product.
According to a business announcement, the Hashdex Nasdaq Crypto Index Europe ETP will begin trading on the SIX Swiss Exchange on May 2 under the ticker HASH SW. This will be the company’s first public offering outside of Latin America.
Even though the digital asset market is in a rut, with Bitcoin trading more than 40% below its November peak and money flowing out of such products, asset managers have continued to issue crypto ETPs. There are currently around 80 crypto ETPs listed in Western Europe.
In April, BlackRock Inc., Fidelity Investments, and 21Shares all introduced crypto-themed funds. On Wednesday, the 21Shares ByteTree BOLD ETP (ticker BOLD) made its debut in Europe, becoming the first exchange-traded product to mix Bitcoin and gold.
Laurent Kssis, a former executive of 21Shares AG, was chosen to handle the company’s European expansion earlier this year. The firm’s newest ETP, according to Kssis, would incur a fee of 1.49 percent.
The 21Shares Crypto Basket Index ETP, which tracks the top five cryptocurrencies, carries a 2.5 percent fee.
Hashdex introduced a decentralized finance exchange-traded fund (ETF) in Brazil in February, trading under the ticker DEFI11. The fund dropped 9.7 percent in the previous month.