Brazil-based asset manager Hashdex may play an important role in the positive outcome of the spot Bitcoin exchange-traded fund (ETF) process.
Hashdex’s role came to the fore in spot Bitcoin ETF applications, which are of critical importance for the cryptocurrency market. So far, all financial institutions have filed with the U.S. Securities and Exchange Commission (SEC), custody-sharing agreement (SSA) within the scope of the condition Coinbase stated that they would prefer it.
However, Hashdex spot Bitcoin ETF offered by Hashdex has SSA preference. CME (Chicago Mercantile Exchange) happened. At this point, the spot Bitcoin ETF offered by Hashdex will receive support from CME, which is a regulated market, unlike Coinbase. highlight happened.
Company’s spot Bitcoin ETF if approved Will buy Bitcoin from CME and completely Depends on CME pricing will stay. Market experts said that unlike BlackRock and Fidelity, Hashdex’s ETF could satisfy the SEC more.
Hashdex’s CIO, Samir Kerbage, stated in a blog post he shared in August that the CME-Coinbase difference Hashdex will highlight He argued:
BlackRock and most other spot bitcoin ETF applicants believe that a custody-sharing agreement with the exchange on which BTC is traded solves the SEC’s SSA requirement, but there is no evidence that this addresses the SEC’s concerns.
Bloomberg senior ETF analyst James Seyffart said at the time: in the statementHe stated that the SEC could reject all other applications, but Hashdex’s application would corner Gary Gensler:
Essentially, Hashdex will exchange futures for the equivalent spot position rather than buying cash directly from exchanges. This seems to be another angle where the SEC/Gensler are backed into a corner. In case the SEC finds a way to reject all other Bitcoin ETFs, Hashdex’s application is tailored to every argument the SEC has made in the past. I don’t think they can deny this.