Bitcoin
Hashdex Applies Exclusive Strategy for Spot BTC ETF
The platform has filed an application with the United States Securities and Exchange Commission for Bitcoin (BTC) futures ETF holding spot BTC.
Hashdex, a crypto management firm, has entered the competition concerning a spot Bitcoin ETF in the US. The platform has filed an application with the United States Securities and Exchange Commission for Bitcoin (BTC) futures ETF holding spot BTC. ETFs play the role of investment funds that one can trade on stock markets.
Hashdex Utilizes New Strategy to Deal with Its Spot BTC ETF
These contracts derive their value from the underlying assets like commodities, bonds, stocks, and the rest of the financial instruments. Analogously, BTC ETFs track the value of the top crypto asset Bitcoin to trade on conventional stock exchanges instead of the crypto exchanges. The approach adopted by Hashdex is different from the previous submissions because it would not rely on the surveillance sharing contract of Coinbase.
Also Read: Grayscale Persuades Simultaneous Approval of All Bitcoin ETFs by SEC
The platform’s approach opts to obtain spot BTC from the formal exchanges operating within the CME market. NYSE Arca submitted a 19b-4 filing with the United States SEC. In line with that, Hashdex wants to add spot BTC in the BTC futures ETF. Moreover, it also intends to change its name to Hashdex Bitcoin ETF.
A few experts have reacted to the latest BTC ETF submission of Hashdex. A Bloomberg analyst named James Seyffart also commented on this. The analyst pointed out that the company’s strategy includes exclusively carrying out exchanges concerning the related position transfers. This indicates that future contracts swapping for an equal spot exposure rather than straight cash buyouts from exchanges.
Bloomberg Expects more Chances of the Spot ETF’s Authorization due to the Pressure on the SEC
Seyffart expects a higher potential of SEC authorization, concerning the pressure that Gary Gensler faces due to the Grayscale lawsuit. The other bothering things take into account the submission of Ethereum futures as well as BlackRock’s inclusion of the surveillance sharing contract of Coinbase.
