Hashdex Enters Spot Bitcoin ETF Race: Here’s What You Need to Know
Crypto asset management firm Hashdex has filed an application with the U.S. Securities and Exchange Commission (SEC) to hold spot Bitcoin in the Bitcoin futures ETF. Unlike other filings, Hashdex will obtain spot Bitcoin through physical exchanges in the CME market, rather than relying on the Coinbase surveillance sharing agreement.
Key Points:
- Hashdex plans to hold spot Bitcoin in the Bitcoin futures ETF and change the name to Hashdex Bitcoin ETF.
- They will obtain spot Bitcoin through physical exchanges in the CME market, using Exchange for Related Positions (EFRP) transactions.
- The unique approach may increase the chances of approval by the SEC.
- Experts believe it could help address the SEC’s concerns about manipulation and liquidity in the Bitcoin market.
- The SEC and Gary Gensler have not yet commented on the ETF filings or the approval of a spot Bitcoin ETF.
Expert Reactions to Hashdex’s Bitcoin ETF Filing
Bloomberg analyst James Seyffart stated that Hashdex’s filing stands out as it avoids relying on the Coinbase surveillance sharing agreement. Other experts, including Nate Geraci, Alistair Milne, and Scott Johnsson, believe that Hashdex’s unique approach could help alleviate the SEC’s concerns about manipulation and liquidity in the Bitcoin market.
Ethereum ETFs Have Higher Odds of Approval
Bloomberg analysts have previously suggested that Ethereum ETFs have a greater chance of approval than Bitcoin ETFs this year. The SEC and Gary Gensler have yet to provide their comments on the spot Bitcoin ETF filings and the flurry of Ethereum ETFs.
Hot Take
Hashdex’s unconventional approach to obtaining spot Bitcoin for their ETF may give them an advantage in gaining SEC approval. By using physical exchanges and EFRP transactions, Hashdex aims to address concerns about manipulation and liquidity. With the SEC’s focus on the cryptocurrency market, it will be interesting to see how they respond to this unique filing.
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