Hashdex
Hashdex is a Swiss-incorporated crypto asset manager, founded in 2018 in Brazil, that builds index-based ETFs (NCIQ, DEFI, XRPH11) to give institutional investors and financial advisors regulated, diversified exposure to crypto assets via Nasdaq-branded benchmarks.
- Company typePrivate
- Founded2018
- HeadquartersSão Paulo, Brazil
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Hashdex does
Hashdex is a Swiss-incorporated crypto asset manager (Hashdex Asset Management Ltd.), founded in 2018 in São Paulo, Brazil, that builds index-based exchange-traded products providing institutional and professional investors with regulated exposure to digital assets. Its product shelf spans US-listed ETFs — the diversified Hashdex Nasdaq CME Crypto Index ETF (NCIQ) tracking the Nasdaq CME Crypto Index across Bitcoin, Ether, XRP, Solana, and Stellar, and the single-asset Hashdex Bitcoin ETF (DEFI) — a suite of offshore private funds (Crypto Index, Bitcoin, Ethereum, Metaverse, DeFi Index, Smart Contract Platforms), and the Brazil-listed spot XRP ETF (XRPH11), the first of its kind globally. The company's core technology is its index methodology and partnership with Nasdaq, which supplies the benchmark brand and calculation underpinning the flagship product.
Hashdex generates revenue through recurring management fees on the assets it manages across these wrappers, with disclosed fees capped at 0.7% annually for the Brazilian XRP product and unstated for US products. It has built over $1 billion in index product AUM across eight countries and goes to market through an enterprise field sales motion targeting institutional allocators and financial advisors, supported by listings on Nasdaq, NYSE Arca, and Brazil's B3, plus channel partnerships such as French online brokerage Bourse Direct. Operational infrastructure is delivered through a vertically integrated stack of partners: BitGo, Coinbase Custody, and Fidelity for digital asset custody; Virtu Americas as authorized participant; Paralel Distributors as marketing agent; and U.S. Bancorp Fund Services for administration. The firm is privately held, backed by Valor Capital Group, SoftBank, Coinbase Ventures, and Globo Ventures, and operates with 51–100 employees across Brazil, the US, and Switzerland.
Hashdex firmographics
Firmographics- Name
- Hashdex
- Legal name
- Hashdex Asset Management Ltd.
- Website
- https://hashdex.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Hashdex is a Swiss-incorporated crypto asset manager, founded in 2018 in Brazil, that builds index-based ETFs (NCIQ, DEFI, XRPH11) to give institutional investors and financial advisors regulated, diversified exposure to crypto assets via Nasdaq-branded benchmarks.
- Ownership category
- akta.pro rank
Hashdex industry classification
Industry- Product category
- Crypto Asset Management
- NAICS
- Open-End Investment Funds (525910), Open-End Investment Funds (52591), Securities and Commodity Exchanges (52321), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)
- akta.pro primary industry
- Index-Tracking Funds, ETPs & Structured Index Products (Crypto) (FSADAHAC)
- akta.pro secondary industries
- Crypto Index Providers & Benchmark Administrators (FSADAHAB), Managed Accounts, Separately Managed Accounts (SMA) & Funds Platforms (Crypto) (FSADAHAM)
Keywords
Where Hashdex is headquartered
LocationHeadquarters
- HQ city
- São Paulo
- HQ country
- Brazil
- HQ region
- Latin America
Offices3 records
Markets served
Hashdex business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- ETF Management Fees: Hashdex Asset Management Ltd. receives management fees from sponsoring Hashdex Nasdaq CME Crypto Index ETF (NCIQ) and Hashdex Bitcoin ETF (DEFI). Fees are collected from fund assets under management.
- Trust Management Fees: Hashdex Asset Management Ltd. is entitled to receive management fees from Hashdex Commodities Trust (DEFI) after assuming sponsorship from Tidal Investments
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Hashdex Nasdaq XRP Fund (Brazil) - XRPH11 |
| Subscription | Annual | US ETF Products (NCIQ, DEFI) |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
Hashdex product offering
Product offeringCore offering
Hashdex is a crypto asset manager that sponsors and manages index-based exchange-traded products (ETPs) tracking the Nasdaq CME Crypto Index (NCI) and related benchmarks. Its US-listed ETFs include the multi-asset Hashdex Nasdaq CME Crypto Index ETF (NCIQ) and the single-asset Hashdex Bitcoin ETF (DEFI), while regional and offshore offerings include the Brazil-listed Hashdex Nasdaq XRP Fund (XRPH11) and a suite of private index funds. The products provide professional and institutional investors with regulated, custody-simplified exposure to diversified crypto assets.
Product overview
Hashdex is a crypto-focused asset manager offering a portfolio of index-based exchange-traded products (ETPs) designed to simplify institutional and professional investor access to crypto assets. The product lineup consists of two main US-listed ETF products—the diversified Hashdex Nasdaq CME Crypto Index ETF (NCIQ) tracking the Nasdaq Crypto Index and the single-asset Hashdex Bitcoin ETF (DEFI)—alongside a suite of offshore private funds including the Nasdaq Crypto Index Fund, Nasdaq Bitcoin Fund, Nasdaq Ethereum Fund, Crypto Metaverse Fund, DeFi Index Fund, and Smart Contract Platforms Index Fund. Additionally, Hashdex offers regional products such as the Brazil-listed Hashdex Nasdaq XRP Fund (XRPH11). The NCIQ product serves as the flagship multi-asset vehicle, expanded in September 2025 to include five leading crypto assets (Bitcoin, Ether, XRP, Solana, and Stellar), while the private funds provide offshore access with varying thematic exposures. All products leverage Hashdex's Nasdaq partnership for index methodology and track established crypto benchmarks.
Differentiator
Problem solved
Functional benefit
Products and services
- Hashdex Nasdaq CME Crypto Index ETF (NCIQ) US-listed ETF tracking the Nasdaq CME Crypto Index (NCI), providing diversified exposure to the most liquid and dynamic crypto assets. Adheres to strict operational and governance protocols to track the NCI, offering regulated access to Bitcoin, Ether, XRP, Solana, Stellar, and other leading crypto assets for institutional and professional investors.
- Hashdex Bitcoin ETF (DEFI) US-listed single-asset Bitcoin ETF structured under Hashdex Commodities Trust and listed on NYSE Arca. Designed to track the price performance of bitcoin via the Nasdaq Bitcoin Reference Price – Settlement (NQBTCS) index, less fund operating expenses.
- Hashdex Nasdaq XRP Fund (XRPH11) Brazil-listed spot XRP ETF on B3 replicating the XRP Reference Price Index, investing at least 95% of net assets in XRP directly. Designed to give Brazilian investors regulated, direct exposure to XRP with a maximum annual fee of 0.7%.
- Hashdex Nasdaq Crypto Index Fund Offshore private fund offering institutional exposure to the Nasdaq Crypto Index for investors outside the US, providing diversified crypto exposure through an index-based vehicle.
- Hashdex Nasdaq Bitcoin Fund Offshore private fund providing institutional exposure to bitcoin through a Nasdaq-branded index product, available to non-US institutional investors.
- Hashdex Nasdaq Ethereum Fund Offshore private fund providing institutional exposure to ether through a Nasdaq-branded index product, available to non-US institutional investors.
- Hashdex Crypto Metaverse Fund Offshore private fund providing thematic index-based exposure to crypto assets within the metaverse and digital world category for institutional investors.
- Hashdex DeFi Index Fund Offshore private fund providing index-based exposure to decentralized finance (DeFi) crypto assets for institutional investors outside the US.
- Hashdex Smart Contract Platforms Index Fund Offshore private fund providing index-based exposure to smart contract platform crypto assets for institutional investors outside the US.
- Hashdex Nasdaq Crypto ETF Options Exchange-listed options contracts on the Hashdex Nasdaq CME Crypto Index ETF (NCIQ), providing institutional hedging and income-generation tools on a diversified multi-asset crypto ETF.
Quantifiable outcome
- Over $1 billion in index products built across 8 countries since 2018
- +2 more outcomes
Companies that use Hashdex
Customer profileSegments3 records
Ideal customer profiles3 records
Hashdex technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature2 records
Hashdex partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- NasdaqcoreStrategic partnership for benchmark excellence since 2018. Nasdaq provides index methodology and branding for Hashdex crypto ETF products including NCIQ and related index funds. Partnership enables institutional-grade benchmarks meeting financial advisor and allocator standards.
- BitGocoreCustodian partner for Hashdex ETF products, providing secure digital asset custody services for the funds' holdings.
- Coinbase CustodycoreCustodian partner providing institutional-grade digital asset custody for Hashdex fund products.
- FidelitycoreCustodian partner for Hashdex ETF products, providing digital asset custody infrastructure.
- Paralel Distributors LLCcoreMarketing agent and distributor for Hashdex ETF products, handling sales and distribution to broker-dealers and exchanges.
- Cohen & Company, Ltd.minorAppointed as Hashdex Commodities Trust's new independent auditor in April 2026, replacing Tait Weller & Baker LLP.
- U.S. Bancorp Fund Services (U.S. Bank Global Fund Services)coreProvides administrative services including accounting and transfer agency functions for Hashdex Trust and DEFI ETF.
- Virtu Americas LLCcoreAuthorized participant for Hashdex Nasdaq CME Crypto Index ETF (NCIQ), enabling creation and redemption of Creation Units through in-kind transfers of digital assets.
Scale indicators5 records
Recent moves6 records
Expansion highlights5 records
Hashdex competitors and assessment
Company assessmentDirect peers
- Grayscale Investments: Grayscale is the largest crypto-focused asset manager with a broad suite of single-asset and multi-asset crypto ETPs. It is the most direct competitor to Hashdex's NCIQ and DEFI products, competing for the same institutional and advisor crypto allocation dollars.
- Bitwise Asset Management: Bitwise operates crypto index funds and recently converted to spot bitcoin and ether ETFs, directly overlapping Hashdex's diversified index and single-asset crypto ETP strategy. Comparable mid-sized crypto asset manager targeting the same advisor channel.
- 21Shares: 21Shares is a leading global sponsor of crypto ETPs across Europe and increasingly the US, offering single-asset and thematic index crypto products. Direct overlap with Hashdex's index-based crypto ETP product set across multiple jurisdictions.
- CoinShares: CoinShares is a European-headquartered crypto ETP issuer with index-based products, directly comparable to Hashdex's Nasdaq Crypto Index Fund and offshore fund offerings in the institutional crypto ETP category.
- ProShares: ProShares launched the first US bitcoin futures ETF (BITO) and operates additional crypto-themed ETFs, competing with Hashdex for the same US advisor and institutional crypto allocation.
- Valkyrie Funds: Valkyrie sponsors spot and futures-based crypto ETFs in the US, with a similar advisor-channel distribution model and overlapping product coverage with Hashdex's DEFI and NCIQ ETFs.
Broad incumbents
- VanEck: VanEck is an established global asset manager with multiple spot crypto ETFs and crypto-themed products, competing with Hashdex while also offering a broader traditional ETF lineup that gives it stronger distribution leverage.
- Franklin Templeton: Franklin Templeton launched its EZPZ spot bitcoin ETF and has signaled additional crypto product expansion, leveraging its incumbent global distribution network to compete with Hashdex in the US crypto ETF category.
- WisdomTree: WisdomTree operates crypto ETPs in both Europe and the US alongside a broad traditional ETP platform, making it a comparable multi-asset ETP competitor with deeper institutional distribution.
- Invesco: Invesco has launched spot crypto ETFs (e.g., BTCO) and operates a global ETF platform with deep broker-dealer distribution that competes directly with Hashdex for institutional and advisor crypto allocations.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Hashdex social profiles
Digital presenceHashdex financial estimates
Financial estimateRevenue estimate
Valuation estimate
Hashdex leadership team
Management profileNumber of profiles
Profiles2 records
Hashdex subsidiaries and ownership
Company hierarchySubsidiaries1 record
Hashdex funding detail
Funding detailFunding overview
Funding rounds2 records
Investors14 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Hashdex M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Hashdex
What does Hashdex do?
Hashdex is a crypto asset manager that sponsors and manages index-based exchange-traded products (ETPs) tracking the Nasdaq CME Crypto Index (NCI) and related benchmarks. Its US-listed ETFs include the multi-asset Hashdex Nasdaq CME Crypto Index ETF (NCIQ) and the single-asset Hashdex Bitcoin ETF (DEFI), while regional and offshore offerings include the Brazil-listed Hashdex Nasdaq XRP Fund (XRPH11) and a suite of private index funds. The products provide professional and institutional investors with regulated, custody-simplified exposure to diversified crypto assets.
Is Hashdex a public or private company?
Hashdex is a private company. It is classified as venture growth investor backed and is currently operating.
When was Hashdex founded?
Hashdex was founded in 2018. It employs 51 to 100 people.
Where is Hashdex based?
Hashdex is headquartered in São Paulo, Brazil, in the Latin America region.
How does Hashdex make money?
Two revenue lines are on record. ETF Management Fees are the primary driver. The others are trust Management Fees.
Who are Hashdex's main competitors?
Direct peers on record are Grayscale Investments, Bitwise Asset Management, 21Shares, CoinShares, ProShares and Valkyrie Funds. Broad incumbents are VanEck, Franklin Templeton, WisdomTree and Invesco.
Does Hashdex have an API?
No public API is recorded for Hashdex.
What industry is Hashdex in?
Hashdex's product category is Crypto Asset Management. Its primary akta.pro industry code is FSADAHAC, Index-Tracking Funds, ETPs & Structured Index Products (Crypto), with a secondary code of FSADAHAB, Crypto Index Providers & Benchmark Administrators. Its NAICS code is 525910 and its SIC code is 6200.