Hashdex Enters Bitcoin Spot ETF Race With Unique Application – Details

9 months ago 232

Digital plus absorption steadfast Hashdex has filed a spot Bitcoin ETF application with the United States Securities and Exchange Commission, according to reports connected Friday, August 25. 

Hashdex, who claims to beryllium a planetary pioneer successful crypto management, is looking to clasp spot Bitcoin successful its Bitcoin futures ETF, rebranding its DEFI ETF connected the New York Stock Exchange (NYSE) to present Hashdex Bitcoin ETF. 

Hashdex Snubs Coinbase SSA, Introduces Unique ETF Arrangement

Following an influx of spot Bitcoin ETF applications successful June, the Wall Street Journal reported that the SEC had judged astir of these filings arsenic “inadequate,” stating they lacked clarity, particularly successful respect to their surveillance-sharing agreements.

In effect to this development, respective plus managers re-submitted their applications naming the Coinbase speech arsenic their marketplace surveillance supplier to amended the chances of support by the SEC.

However, entering into the spot Bitcoin ETF race, Hashdex has decided to not prosecute a Coinbase surveillance sharing statement (SSA), arsenic they judge determination is “no grounds that this addresses the SEC concerns.” 

In addition, Hashdex is looking to debar employing the services of an unregulated Bitcoin spot exchange. 

*VERY INTERESTING* 19b-4 filed by NYSE connected DEFI ETF…

Changing sanction to Hashdex Bitcoin ETF & updating strategy to clasp spot btc.

Notably, this filing isn’t relying connected Coinbase SSA.

Instead volition unafraid spot btc done CME Market’s Exchange for Physical.https://t.co/dBLjCNvAki pic.twitter.com/kmXETHUqB0

— Nate Geraci (@NateGeraci) August 25, 2023

Rather, the plus manager would beryllium relying connected the CME’s Exchange for Physical (EFP) transactions to fortify its Bitcoin spot ETF arrangement. 

For context, EFP refers to a peculiar benignant of Exchange for Related Position (EFRP) transaction applicable crossed each Chicago Mercantile Exchange (CME) equity scale futures successful which investors are capable to effortlessly power betwixt futures and either ETFs oregon collections of underlying scale constituent stocks without vulnerability to intra-market time volatility. 

Essentially, arsenic earlier stated, Hashdex aims to present an ETF substance of spot and aboriginal positions. 

So far, Hashdex’s unsocial ETF exertion has received tons of applause, with Nate Geraci, President of the ETF Store, describing it arsenic a “brilliant move.” In addition, Alistair Milne, laminitis of Altana Digital Currency Fund, has stated that this peculiar exertion would beryllium “hard to reject,” successful his opinion. 

The Spot Bitcoin ETF Race Heats Up

Following its caller ETF application, Hashdex joins a big of respective plus managers looking to motorboat the first-ever spot Bitcoin ETF successful the US. This database includes BlackRock, Invesco, Bitwise, Valkyrie, Fidelity, WisdomTree, ARK Invest, etc.

Earlier successful August, Mike Novogratz stated that wrong sources astatine Blackrock and Invesco judge a spot Bitcoin ETF support by the SEC is simply a substance of clip ranging from 4 to six months. 

However, the erstwhile SEC main of Internet Enforcement, John Stark Reed, presented a antagonistic outlook connected this saga, saying the chances for a spot successful Bitcoin ETF are “slim and none” and the crypto abstraction is “totally rigged.” 

In different news, the wide crypto marketplace has experienced a flimsy boost of 0.13% successful the past week, moving the full crypto headdress to $1.03 trillion, according to information from Tradingview.

Hashdex

Total crypto marketplace headdress valued astatine $1.03 trillion connected the play illustration | Source: TOTAL illustration connected Tradingview.com

Featured representation from Formula E, illustration from Tradingview

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