Hashdex files a Bitcoin ETF application with the US SEC to hold spot Bitcoin in the Bitcoin futures ETF.
Hashdex, a cryptocurrency asset management company, has entered the US market for a Bitcoin ETF. To hold spot Bitcoin in the Bitcoin futures ETF, the world leader in cryptocurrency asset management, submitted an application to the Securities and Exchange Commission (SEC) in the United States.
Unlike other recent Bitcoin ETF filings, Hashdex won’t rely on the Coinbase surveillance sharing arrangement and will instead buy spot Bitcoin from physical exchanges on the CME market.
According to a 19b-4 filing by NYSE Arca with the US SEC, Hashdex intends to hold spot Bitcoin in the Bitcoin futures ETF and modify the name with the DeFi ticker to Hashdex Bitcoin ETF.
James Seyffart, a Bloomberg analyst, pointed out that the Hashdex filing is special because it is independent of the Coinbase surveillance sharing agreement.
The Hashdex Bitcoin ETF will buy spot Bitcoin from CME market physical exchanges. It also intends to avoid making direct cash purchases from exchanges and only engage in Exchange for Related Positions (EFRP) transactions, which include trading futures contracts for similar spot exposure
.With Gary Gensler under pressure from the Grayscale litigation, the filing of Ethereum futures, and the introduction of the Coinbase surveillance sharing agreement by BlackRock, James Seyffart thinks this has a better chance of being approved by the SEC.
The ETF Store president Nate Geraci, investor Alistair Milne, and finance attorney Scott Johnsson were among the professionals who commented on Hashdex’s unusual Bitcoin ETF registration. They said it might help allay some of the SEC’s worries about fraud and liquidity in the Bitcoin market.
The SEC or Gary Gensler have yet to comment on the filings for a spot Bitcoin ETF, the sudden influx of Ethereum ETFs, or the approval of a spot Bitcoin ETF this year.
In the current year, Ethereum ETFs are more likely to be approved than Bitcoin ETFs, according to Bloomberg analysts. Currently trading around $26045, BTC has been sluggish for about a week due to market turbulence. In the last 24 hours, the trade volume has declined by 9%.
