Hashdex, a crypto asset management company, has submitted an application to the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold actual spot Bitcoin. Exchange-traded funds, or ETFs, are investment funds that track BTC’s value and trade on traditional stock exchanges rather than crypto exchanges. Hashdex’s approach differs from recent filings as it won’t depend on the Coinbase surveillance sharing agreement, opting to acquire spot Bitcoin from physical exchanges within the CME market.James Seyffart, an analyst at Bloomberg, observed that the strategy involves exclusively conducting Exchange for Related Positions (EFRP) transactions. This entails swapping futures contracts for an equivalent spot exposure, as opposed to direct cash purchases from exchanges. Seyffart anticipates a higher likelihood of SEC approval, considering the pressure on Gary Gensler stemming from the Grayscale lawsuit, Ethereum futures submission, and BlackRock’s incorporation of the Coinbase surveillance sharing agreement.Other specialists, including Nate Geraci, President of The ETF Store, investor Alistair Milne and finance attorney Scott Johnsson, have responded to Hashdex’s distinctive Bitcoin ETF submission. They believe it could alleviate certain worries of the SEC regarding Bitcoin market manipulation and liquidity. Currently, the SEC and Gary Gensler have not provided their feedback regarding spot Bitcoin ETF applications, the influx of Ethereum ETFs and the potential approval of a spot Bitcoin ETF within this year.
| Information |
Details |
| Geography |
North America |
| Countries |
🇺🇸 |
| Sentiment |
neutral |
| Relevance Score |
9 |
| People |
James Seyffart, Nate Geraci, Alistair Milne, Scott Johnsson, Gary Gensler |
| Companies |
Hashdex, U.S. Securities and Exchange Commission (SEC), NYSE Arca, Bloomberg, The ETF Store |
| Currencies |
Bitcoin, Ethereum |
| Securities |
None |
