Spot Bitcoin and Ether ETFs in the US
Hashdex, an asset manager vying for a spot Bitcoin (BTC) exchange-traded fund (ETF), expects the first spot Bitcoin ETF in the United States to be available by the second quarter of 2024, followed by a spot Ether (ETH) ETF.
“The exact timing of a spot Bitcoin ETF in the U.S. is uncertain, but in 2023, the prospect of this product shifted from a question of ‘if’ to ‘when’,” said Dramane Meite, Hashdex’s U.S. and Europe head of product, in a 2024 outlook report published on Dec. 4.
Hashdex is one of the 13 asset managers with a spot Bitcoin ETF application before the U.S. Securities and Exchange Commission (SEC). The firm has also proposed a hybrid Ether ETF with futures and spot contracts to the regulator.
Bloomberg ETF analysts James Seyffart and Eric Balchunas have estimated that there is a 90% chance that spot Bitcoin ETFs will be approved prior to Jan. 10, 2024. However, Seyffart has previously noted that this prediction only applies to the 19b-4 applications and that the separate Form S-1 must also be approved for an ETF to launch.
Form S-1 and the SEC
In November, Seyffart noted that the time between approval and launch of Form S-1 could vary from weeks to months. This form is used by companies to notify the SEC about proposed rule changes and requires approval from the Division of Corporation Finance.
Hashdex’s report, written by Meite, suggested that the launch of spot Bitcoin and Ether ETFs would open up a market of $50 trillion, larger than the combined markets of Europe, Canada and Brazil, which are the only global markets with spot crypto exchange-traded products. He also said that this would allow legacy asset managers with thousands of staff and trusted brands to offer their customers a crypto product for the first time.
Differences between Web 1.0, 2.0 and 3.0
The difference between Web 1.0, 2.0 and 3.0 is substantial. Web 1.0 was mainly focused on websites and static content, while Web 2.0 allowed for user interaction and dynamic content. Web 3.0 is a more advanced version of the two, with applications that are powered by artificial intelligence and machine learning. It also has a decentralized architecture, which further enhances its capabilities.
Is there a Web 3.0? Yes, there is. It is the next step in the evolution of the internet, and it is quickly becoming the standard for web applications.
Meite expected that the majority of interest in single-asset ETFs would be directed towards Bitcoin and Ether, “due to their widespread recognition and the lack of significant differences among incumbents.” This is particularly true when considering the differences between web 1.0, 2.0 and 3.0, as well as the architecture of a web 3.0 application and the potential of a web 3.0.
Subscribe to our email newsletter to get the latest posts delivered right to your email.
Comments