- Surprisingly, Hashdex will not use the Coinbase surveillance sharing agreement.
- The US SEC has been notified through NYSE Arca’s 19b-4 filing.
Hashdex, a cryptocurrency asset manager, has joined the U.S. spot Bitcoin ETF contest. A proposal to include spot Bitcoin in the Bitcoin futures ETF was submitted to the U.S. SEC by the crypto asset manager. Surprisingly, Hashdex will not use the Coinbase surveillance sharing agreement like other recently filed Bitcoin ETFs, but rather instead acquire spot Bitcoin via physical exchanges on the CME market.
The US SEC has been notified through NYSE Arca’s 19b-4 filing that Hashdex intends to hold spot Bitcoin in the Bitcoin futures ETF and modify the moniker including the DeFi ticker to Hashdex Bitcoin ETF.
SEC Under Pressure
James Seyffart, a Bloomberg analyst, pointed out that unlike other filings, Hashdex’s doesn’t depend on a partnership with Coinbase to provide surveillance data. Furthermore, it wants to solely engage in EFRP transactions, whereby futures contracts are exchanged for comparable spot exposure as opposed to purchasing directly from exchanges with cash.
Moreover, James Seyffart thinks the SEC is more likely to approve this in light of the pressure Gary Gensler is under after the Grayscale litigation and the filing of several spot ETFs.
The SEC has so far maintained silence over the recent spot ETF filings. Bloomberg experts have previously said that Ethereum ETFs are more likely to be approved this year than Bitcoin ETFs are. On the other hand, the crypto market is yet to recover from the recent bloodbath. Furthermore, U.S. Federal Reserve Chair Jerome Powell yesterday made it clear that more interest rate rises will be implemented by the Fed if they were deemed necessary.
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