In the recent wave of amended S-1 filings by multiple asset managers on January 8, the notable absence of digital asset management firm Hashdex has caught the attention of industry observers. The firm, which already offers a Bitcoin futures-based exchange-traded fund (ETF) with the ticker DEFI, did not submit an amended form alongside other firms, raising questions about the status of its spot Bitcoin ETF application.
On January 5, Hashdex filed a 19b-4 amendment form, but it did not participate in the January 8 filing round alongside companies like Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, and 21Shares. The absence has sparked speculation about the reasons behind Hashdex’s decision not to issue an amended form on the same day as its counterparts.
An Unusual Bitcoin ETF Application Approach
The uniqueness of Hashdex’s Bitcoin ETF application has led to further analysis. Bloomberg ETF analyst Jeff Seyffart noted that Hashdex aims to convert an existing Bitcoin futures ETF instead of launching a completely new product. Seyffart expressed his cautiousness regarding this difference by stating, “I’m not gonna read too much into that yet,” in a post on X.
Hashdex originally submitted its application to the US Securities and Exchange Commission (SEC) in August of last year. The proposal involved a futures investment vehicle that can also hold spot Bitcoin. This approach raised eyebrows in the industry, with Bloomberg’s senior ETF analyst Eric Balchunas noting that the application was “filed under the 33 Act, which [Gensler] has said doesn’t have enough [investor] protections vs [the] 40 Act.” Balchunas considered this a positive sign for spot Bitcoin ETF approval.
Expectations for Spot Bitcoin ETF Approval
The SEC is widely anticipated to approve applications from multiple ETF issuers to launch the first spot Bitcoin ETFs in the US this week. Many experts are pointing to Wednesday, January 10th, as the most probable approval date. The absence of Hashdex in the recent amended S-1 filings has only added to the speculation surrounding the approval process.
While the reasons behind the firm’s decision not to submit an amended form remain unclear, the unique nature of Hashdex’s Bitcoin ETF application and the potential implications for spot Bitcoin ETF approval have captured the attention of industry observers in the exciting world of cryptocurrency.
