Hashdex, a crypto asset management company, has entered the race for a Bitcoin exchange-traded fund (ETF) in the United States by submitting an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will also hold spot Bitcoin. This move is part of the ongoing effort to bring cryptocurrencyCryptocurrency is a form of digital or virtual currency that uses cryptography for security and operates independently of a central authority or traditional banking system. Cryptocurrencies leverage blockchain technology to gain decentralization, transparency, and immutability. Key Features: • Decentralization: Cryptocurrencies operate on a decentralized network of computers, meaning no central authority governs or regulates it. • Cryptography: Secure transactions and... exposure to traditional stock markets through ETFs.
Unlike recent filings, Hashdex’s approach doesn’t rely on the Coinbase surveillance sharing agreement. Instead, it plans to acquire spot Bitcoin from physical exchanges within the CME market. Hashdex aims to include spot Bitcoin in its Bitcoin futures ETF and has proposed changing the ticker to Hashdex Bitcoin ETF, as indicated in the NYSE Arca’s filing with the SEC.
Experts have noted the uniqueness of Hashdex’s approach. James Seyffart, an analyst at Bloomberg, highlighted that Hashdex’s strategy involves conducting exchange for related positions transactions. This method involves swapping futures contracts for an equivalent spot exposure, rather than direct cash purchases from exchanges.
Seyffart believes that Hashdex’s approach could potentially have a higher likelihood of SEC approval, especially given the regulatory pressure on Gary Gensler due to ongoing legal matters like the Grayscale lawsuit, the submission of Ethereum futures, and BlackRock’s incorporation of the Coinbase surveillance sharing agreement.