Hashdex Holds Discussion with SEC Regarding Bitcoin ETF Filing
Digital asset management firm Hashdex recently had a discussion with the SEC about their ETF filing that aims to purchase physical Bitcoin. This ongoing dialogue is significant for the crypto community. The memorandum from Hashdex included a presentation that highlighted the development of the CME market, which is now capable of supporting their new product. The Teucrium Order from April 2022 was quoted as evidence of this. In the order, the SEC affirmed that the CME Bitcoin futures market has matured enough to support ETPs that seek exposure to Bitcoin through CME Bitcoin futures contracts.
Addressing Market Manipulation Concerns
Hashdex concludes that their filing addresses the SEC’s concerns about market manipulation and provides safeguards for investors. With open interest in CME Bitcoin futures contracts growing nearly 50% since 2022, it is less likely that trading this ETP would significantly impact CME prices.
Strategic Shift for Hashdex Bitcoin ETF
The NYSE submitted a 19b-4 for the DeFi ETF, which revealed a strategic shift for the Hashdex Bitcoin ETF. The filing proposed a focus on holding spot Bitcoin instead of relying on Coinbase SSA. The plan is to secure spot Bitcoin through the CME Market’s Exchange for Physical. This departure from conventional practices highlights Hashdex’s innovative approach to acquiring spot Bitcoin for their ETF.
Hot Take: Ongoing Dialogue with SEC Marks Positive Progress
The ongoing dialogue between Hashdex and the SEC regarding their Bitcoin ETF filing is an encouraging development for the crypto community. It demonstrates a willingness on both sides to engage in discussions and address concerns related to market manipulation and investor safeguards. The SEC’s affirmation of the maturity of the CME Bitcoin futures market further supports the viability of Hashdex’s ETF. By proposing a strategic shift to focus on holding spot Bitcoin through the CME Market’s Exchange for Physical, Hashdex is taking an innovative approach that sets them apart from other ETF filings. This ongoing dialogue and strategic shift indicate positive progress in the quest for a Bitcoin ETF.
By
By
By
By
By