One sentence summary – Hashdex, an investment management firm, has filed an application with the SEC for a Bitcoin futures ETF, using spot Bitcoin instead of cash-settled futures contracts, potentially increasing its chances of approval by addressing concerns about manipulation and liquidity in the market.
At a glance
- Hashdex has filed an application with the SEC for a Bitcoin futures ETF.
- Unlike other applications, Hashdex plans to hold spot Bitcoin instead of cash-settled futures contracts.
- Hashdex intends to acquire spot Bitcoin through physical exchanges within the CME market.
- This unique approach could increase Hashdex’s chances of gaining SEC approval by addressing concerns about manipulation and liquidity in the Bitcoin market.
- Bloomberg analysts speculate that Ethereum ETFs may have a higher chance of approval than Bitcoin ETFs this year.
Hashdex, a leading investment management firm, has recently filed an application with the Securities and Exchange Commission (SEC) for a Bitcoin futures Exchange-Traded Fund (ETF).
The application is unique in that Hashdex plans to hold spot Bitcoin, not relying on the Coinbase surveillance sharing agreement.
This is a departure from other recent applications which have typically used cash-settled Bitcoin futures contracts.
To acquire spot Bitcoin, Hashdex intends to use physical exchanges within the Chicago Mercantile Exchange (CME) market.
This strategy could set apart its ETF, which has been named the “Hashdex Bitcoin ETF.”
Financial analysts and experts have suggested that this unique approach could potentially increase Hashdex’s chances of gaining SEC approval.
This is because Hashdex’s strategy addresses concerns about potential manipulation and liquidity in the Bitcoin market.
By addressing these issues, Hashdex aims to alleviate the SEC’s reservations about approving a Bitcoin ETF.
The SEC and its chairman, Gary Gensler, have not yet commented specifically on applications for spot Bitcoin ETFs or Ethereum ETFs.
However, Bloomberg analysts have speculated that Ethereum ETFs may have a higher chance of approval than Bitcoin ETFs this year.
At the time of writing, Bitcoin is trading at $26,045.
The price of Bitcoin has shown relative stability over the past week.
However, it should be noted that the trading volume of Bitcoin has decreased by 9% in the last 24 hours.
This article provides a comprehensive overview of Hashdex’s application for a Bitcoin ETF.
It outlines Hashdex’s unique approach, the potential implications for SEC approval, and the current state of the Bitcoin market.
Here are all the sources used to create this article:
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|– Hashdex has filed an application with the SEC to hold spot Bitcoin in a Bitcoin futures ETF.
– Unlike other recent Bitcoin ETF filings, Hashdex will not rely on the Coinbase surveillance sharing agreement.
|– Hashdex plans to obtain spot Bitcoin through physical exchanges in the CME market.
|The ETF will be named Hashdex Bitcoin ETF and will use Exchange for Related Positions (EFRP) transactions.
|– Analysts believe that Hashdex’s unique filing may increase its chances of approval by the SEC.
|– Experts suggest that Hashdex’s filing may help address the SEC’s concerns about manipulation and liquidity in the Bitcoin market.
|The SEC and Gary Gensler have not yet commented on spot Bitcoin ETF filings or Ethereum ETFs.
|– Bloomberg analysts believe that Ethereum ETFs have higher odds of approval than Bitcoin ETFs this year.
|The price of Bitcoin is currently trading at $26,045 and has been relatively stable for the past week.
|The trading volume of Bitcoin has decreased by 9% in the past 24 hours.