Hashdex Bitcoin ETF Filing
Crypto asset management company Hashdex has recently thrown its hat into the ring for a potential Bitcoin (BTC) exchange-traded fund (ETF) in the United States. The firm has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold spot Bitcoin.
ETFs, such as the Hashdex Bitcoin ETF, are investment funds that trade on a stock market, with their value derived from an underlying basket of assets like stocks, bonds, commodities and other financial instruments. Similarly, Bitcoin ETFs track BTC’s value and trade on traditional stock exchanges instead of crypto exchanges.
Hashdex’s approach is slightly different from recent filings as it won’t depend on the Coinbase surveillance sharing agreement, opting to acquire spot Bitcoin from physical exchanges within the CME market. According to a 19b-4 filing by NYSE Arca with the U.S. SEC, Hashdex intends to include spot Bitcoin in its Bitcoin futures ETF and modify the name, changing its ticker to Hashdex Bitcoin ETF.
Some experts have responded to Hashdex’s unique Bitcoin ETF filing. James Seyffart, an analyst at Bloomberg, noted that the strategy involves exclusively conducting exchange for related positions transactions. This entails swapping futures contracts for an equivalent spot exposure instead of direct cash purchases from exchanges.
SEC Pressure and Bitcoin ETF Applications
Seyffart believes that the SEC is more likely to approve a Bitcoin ETF, due to the pressure on Gary Gensler from the Grayscale lawsuit, the Ethereum futures submission, and the Coinbase surveillance sharing agreement accepted by BlackRock.
Other experts, such as Nate Geraci, president of The ETF Store, investor Alistair Milne and finance attorney Scott Johnsson, have commented on Hashdex’s distinctive Bitcoin ETF submission. They think it may lessen the SEC’s concerns about Bitcoin market manipulation and liquidity.
The SEC and its Chair, Gary Gensler, have not yet commented on the Bitcoin ETF applications, the influx of Ethereum ETFs, and the potential approval of a spot Bitcoin ETF this year.
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