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Hashdex enters the competition for a Bitcoin ETF spot with a distinctive approach

Hashdex enters the competition for a Bitcoin ETF spot with a distinctive approach

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. Unlike recent filings, Hashdex’s approach does not rely on the Coinbase surveillance sharing agreement and instead plans to acquire spot Bitcoin from physical exchanges within the CME market. This unique strategy involves conducting Exchange for Related Positions (EFRP) transactions, which swap futures contracts for an equivalent spot exposure. Analysts believe that this approach could increase the likelihood of SEC approval, especially considering recent developments such as the Grayscale lawsuit, Ethereum futures submission, and BlackRock’s incorporation of the Coinbase surveillance sharing agreement. Other experts also believe that Hashdex’s distinctive Bitcoin ETF submission could address concerns about market manipulation and liquidity. The SEC and Gary Gensler have not yet provided feedback on spot Bitcoin ETF applications, Ethereum ETFs, or the potential approval of a spot Bitcoin ETF this year.

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