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- Interestingly, Hashdex will not utilize the Coinbase surveillance sharing agreement.
- The US SEC has been informed via NYSE Arca’s 19b-4 filing.
Hashdex, a cryptocurrency asset management firm, has entered the U.S. spot Bitcoin ETF race. The firm has submitted a proposal to incorporate spot Bitcoin into the Bitcoin futures ETF to the U.S. SEC. Interestingly, Hashdex will not rely on the Coinbase surveillance sharing agreement like other recently submitted Bitcoin ETFs; instead, it plans to acquire spot Bitcoin through physical exchanges on the CME market.
The US SEC has been informed through NYSE Arca’s 19b-4 filing that Hashdex aims to hold spot Bitcoin within the Bitcoin futures ETF and intends to rename it to include the DeFi ticker as Hashdex Bitcoin ETF.
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James Seyffart, an analyst at Bloomberg, noted that unlike other submissions, Hashdex’s application does not rely on a collaboration with Coinbase for surveillance data. Additionally, it aims to exclusively participate in EFRP transactions, where futures contracts are swapped for equivalent spot exposure rather than being purchased directly from exchanges with cash.
Furthermore, James Seyffart believes the SEC is more inclined to approve this application given the pressure on Gary Gensler following the Grayscale litigation and the submission of multiple spot ETFs.
The SEC has yet to comment on the recent spot ETF applications. Bloomberg analysts have previously indicated that Ethereum ETFs are more likely to receive approval this year compared to Bitcoin ETFs. Meanwhile, the cryptocurrency market has not yet recovered from the recent downturn. Additionally, U.S. Federal Reserve Chair Jerome Powell stated yesterday that further interest rate increases will be implemented by the Fed if deemed necessary.
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