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Hashdex, a notable name in crypto asset management, has taken a step forward in the rapidly evolving world of Bitcoin ETFs. The company recently approached the U.S. Securities and Exchange Commission (SEC) with a proposal for a Bitcoin futures ETF that will incorporate spot Bitcoin.
For those unfamiliar, ETFs, or exchange-traded funds, are a kind of investment fund. They're traded on stock exchanges, and their value is pegged to a set of underlying assets. These could range from stocks to commodities. In the context of a Bitcoin ETF, its value mirrors that of Bitcoin and it gets traded on mainstream stock exchanges as opposed to cryptocurrency-specific ones.
Hashdex's proposed ETF strategy stands out. Unlike some recent entrants, Hashdex's model does not rely on the often-discussed Coinbase surveillance sharing agreement. Instead, the company has chosen to purchase spot Bitcoin directly from the established physical exchanges within the CME market. NYSE Arca's recent 19b-4 filing with the SEC indicates that Hashdex aims to incorporate spot Bitcoin into its futures ETF. If approved, there's also talk of a name change, with the new ticker possibly being Hashdex Bitcoin ETF.
The industry's reaction to Hashdex's proposal has been varied. James Seyffart of Bloomberg notes that Hashdex’s methodology exclusively hinges on exchange for related positions transactions. In simpler terms, it's about swapping futures contracts for an equivalent spot position rather than buying directly with cash from exchanges. Seyffart, analyzing the landscape, believes this unique approach might just find favor with the SEC, especially given the present-day factors influencing SEC Chairman Gary Gensler.
On another note, voices from the industry, such as Nate Geraci of The ETF Store, investor Alistair Milne, and finance law expert Scott Johnsson, have spoken out. They concur that Hashdex’s proposal could potentially address some of the SEC's lingering concerns, particularly those related to potential market manipulation and liquidity in the Bitcoin space.
As of now, both the SEC and Gary Gensler have maintained silence on recent Bitcoin ETF submissions, including the rise in Ethereum ETF proposals and the potential green light for a spot Bitcoin ETF this year.
