Brazilian Firm Hashdex to List Its First Crypto ETP in Europe

(Bloomberg) -- Hashdex Gestora de Recursis Ltda. plans to list its first European crypto exchange-traded product, as the Brazilian cryptocurrency-focused asset management firm expands on the continent. 

The Hashdex Nasdaq Crypto Index Europe ETP will start trading on the SIX Swiss Exchange on May 2 under the ticker HASH SW, according to a statement from the company. It will be the firm’s first crypto product listed outside Latin America. 

Asset managers have continued launching crypto ETPs even as the digital-asset market remains stuck in a rut, with Bitcoin trading more than 40% below its November peak and money flowing out of such products. There are already more than 80 crypto ETPs listed in western Europe. 

Just in April, crypto-themed funds from BlackRock Inc., Fidelity Investments and 21Shares have debuted globally. The 21Shares ByteTree BOLD ETP (ticker BOLD), which is the first ever exchange-traded product combining Bitcoin and gold, launched in Europe on Wednesday.

Hashdex’s ETP will give investors exposure to the Bitcoin, Ether, Cardano, Litecoin, Polkadot, Avalanche, Polygon and Solana tokens. 

The company hired former 21Shares AG executive Laurent Kssis earlier this year to lead its European expansion. Kssis said in an interview that the firm’s latest ETP will carry a fee of 1.49%. 

The 21Shares Crypto Basket Index ETP, which tracks the top five cryptocurrencies, has a fee of 2.5%, data compiled by Bloomberg shows.

Hashdex in February launched a decentralized finance ETF in Brazil that trades under the ticker DEFI11. The fund has fallen 9.7% in the past month. 

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