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Crypto asset management firm Hashdex has entered the spot Bitcoin ETF race in the US. The global pioneer in crypto asset management filed an application with the U.S. Securities and Exchange Commission (SEC) to hold spot Bitcoin in the Bitcoin futures ETF. Unlike other recent Bitcoin ETF filings, Hashdex will not rely on the Coinbase surveillance sharing agreement and instead obtain spot Bitcoin through physical exchanges in the CME market.
Hashdex Bitcoin ETF Filing
Hashdex plans to hold spot Bitcoin in the Bitcoin futures ETF and change the name containing the DeFi ticker to Hashdex Bitcoin ETF, according to a 19b-4 filing by NYSE Arca with the US SEC.
Bloomberg analyst James Seyffart noted that Hashdex filing is unique as it doesn’t rely on the Coinbase surveillance sharing agreement. Hashdex Bitcoin ETF will obtain spot Bitcoin through physical exchanges in the CME market. Also, it plans to do only Exchange for Related Positions (EFRP) transactions, which means exchanging futures contracts for equivalent spot exposure rather than buying directly from exchanges with cash.
James Seyffart believes this has a higher chance of approval by the SEC amid pressure on Gary Gensler due to Grayscale lawsuit, Ethereum futures filing, and BlackRock’s introducing the Coinbase surveillance sharing agreement.
Other experts including The ETF Store president Nate Geraci, investor Alistair Milne, and finance lawyer Scott Johnsson also reacted to Hashdex’s unique Bitcoin ETF filing. They said it may help ease some of the SEC’s concerns related to manipulation and liquidity in the Bitcoin market.
Breaking: NYSE files a modification to another ETF, to be now called the Hashdex Bitcoin ETF
Their application is unique in that it will not use Coinbase, they will use prices and acquire spot BTC via CME.
It will hold a mixture of spot & futures positions
Hard to reject imo pic.twitter.com/K1ABKKZX5o— Alistair Milne (@alistairmilne) August 25, 2023
Meanwhile, the SEC or Gary Gensler are yet to give their comments on spot Bitcoin ETF filings, a flurry of Ethereum ETFs, and approval of spot Bitcoin ETF by this year. Bloomberg analysts have earlier shared that Ethereum ETFs have higher odds of approval than Bitcoin ETF this year.
BTC price currently trades at $26045, moving sideways for nearly a week amid uncertainty in the market. The trading volume has decreased by 9% in the past 24 hours.
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