Within the latest wave of amended S-1 filings by a number of asset managers on January 8, the notable absence of digital asset administration agency Hashdex has caught the eye of business observers.
The agency, which already offers a Bitcoin futures-based exchange-traded fund (ETF) with the ticker DEFI, didn’t submit an amended kind alongside different corporations, elevating questions concerning the standing of its spot Bitcoin ETF software.
On January 5, Hashdex filed a 19b-4 modification kind, however it didn’t take part within the January 8 submitting spherical alongside corporations like Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Make investments, and 21Shares.
The absence has sparked hypothesis concerning the causes behind Hashdex’s resolution to not concern an amended kind on the identical day as its counterparts.
Conversion from Hashdex Bitcoin futures ETF
In keeping with Bloomberg ETF analyst Jeff Seyffart, Hashdex’s Bitcoin ETF software differs from others because it goals to transform an present Bitcoin futures ETF fairly than launch a wholly new product from scratch.
For that purpose, Seyffart stated in a publish on X that he was “not gonna learn an excessive amount of into that but.”
Additionally, as others have identified there isn’t a replace right here from @hashdex but. However they’re totally different from the remainder of the pack solely as a result of they’re the one product on this checklist that’s already working as an ETF. So I am not gonna learn an excessive amount of into that but.
— James Seyffart (@JSeyff) January 8, 2024
Hashdex initially submitted its software to the US Securities and Alternate Fee (SEC) in August of final 12 months, proposing a futures funding car that may additionally maintain spot Bitcoin.
Moreover, Hashdex’s ETF launch final 12 months attracted consideration from business observers like Bloomberg’s senior ETF analyst Eric Balchunas, who stated it was notable that the appliance was “filed underneath the 33 Act, which [Gensler] has stated doesn’t have sufficient [investor] protections vs [the] 40 Act.”
It is a “good signal for spot,” Balchunas stated on the time, referring to the potential for a spot Bitcoin ETF approval.
The SEC is extensively anticipated to greenlight purposes from a number of ETF issuers to launch the primary spot Bitcoin ETFs within the US this week, with many pointing to Wednesday January 10th as the most likely approval date.