Author: Amaka Nwaokocha, Cointelegraph; Translation: Song Xue, LianGuai
Crypto asset management company Hashdex has joined the competition for a spot in the US spot Bitcoin exchange-traded fund (ETF). The company has submitted an application for a spot Bitcoin futures ETF to the US Securities and Exchange Commission (SEC).
An ETF is an investment fund traded on the stock market, with its value derived from a basket of underlying assets such as stocks, bonds, commodities, and other financial instruments. Similarly, a Bitcoin ETF tracks the value of BTC and is traded on traditional stock exchanges rather than cryptocurrency exchanges.
Hashdex’s approach differs from recent filings as it does not rely on Coinbase’s monitoring sharing agreement, but instead opts to source spot Bitcoin from entities trading on the CME market. According to a 19b-4 filing submitted by NYSE Arca to the SEC, Hashdex intends to include spot Bitcoin in its Bitcoin futures ETF and modify the name, changing its ticker symbol to Hashdex Bitcoin ETF.
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Some experts have responded to Hashdex’s unique Bitcoin ETF filing. Bloomberg analyst James Seyffart noted that the strategy involves exchanges specifically conducting related position trades for redemption. This requires converting futures contracts into equivalent spot exposure instead of purchasing cash directly from exchanges.
Considering the Grayscale lawsuit, Ethereum futures filings, and BlackRock’s inclusion in Coinbase’s monitoring sharing agreement, which have put pressure on Gary Gensler, Seyffart expects a higher likelihood of SEC approval.
Other experts, including ETF Store President Nate Geraci, investor Alistair Milne, and financial attorney Scott Johnsson, have also responded to Hashdex’s unique Bitcoin ETF filing. They believe it could alleviate some of the SEC’s concerns regarding market manipulation and liquidity in the Bitcoin market.
The SEC and its chairman Gary Gensler have not yet commented on the spot Bitcoin ETF application, the influx of Ethereum ETFs, or the potential approval of spot Bitcoin ETFs within this year.