Hashdex Resubmits Bitcoin ETF Application to SEC, Bloomberg Reports

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In the race for ETFs, no one wants to stay back, all the applicants are gearing up to get their applications approved. Who would like to take a risk in a prospecting billion-dollar industry? A lot is at stake and the deadline is here again. 

What’s Awaiting for Hashdex in the Jan 5th Deadline? 

The new entry is of the resubmission list is Hashdex, a major player in crypto asset management, which has resubmitted its bid for a Bitcoin futures ETF to the U.S. SEC, showcasing an amended application now handled by Tidal Financial Group. This updated filing follows the consolidation of Teucrium Trust and Tidal Trust back in October.

The crypto community is eagerly awaiting potential approvals for spot Bitcoin ETFs, with the SEC releasing applications from Franklin Templeton and Hashdex. The clock is ticking, as the deadline for rebuttal comments on Hashdex’s spot Bitcoin ETF filing is set for January 5, signifying the potential for the SEC’s inaugural spot Bitcoin ETF approval between January 5-10, 2024. 

Interestingly, the SEC is reportedly coordinating to streamline the evaluation process for multiple ETF proposals, as ARK Invest, led by Cathie Wood, is set to submit its Bitcoin ETF application on January 10th, despite the delay in the previous deadline.

The SEC engaged in discussions with BlackRock last month, specifically focusing on the iShares spot Bitcoin ETF proposal. Meetings held on Nov. 20 and Nov. 28 revolved around comparing in-kind and cash redemption models. These talks aimed to establish how participants in the ETF would conduct transactions—whether using cryptocurrency or cash.

Public Reaction

James Seyffart, an ETF analyst at Bloomberg believes the SEC may approve multiple spot Bitcoin ETF proposals in early January. Respondents have 21 days to submit feedback, with an additional two weeks for rebuttals, resulting in comment periods expiring in early January.

Whereas, Scott Johnsson, a finance lawyer, confirmed that SEC filings suggest the regulator is preparing to approve the funds around January 10.

Bitcoin Making a Move 

In parallel, the cryptocurrency market witnessed a surge in Bitcoin’s value, hitting the $39,000 mark, sparked by remarks from Federal Reserve Chairman Jerome Powell signaling a pause on future rate hikes. Adding to the enthusiasm, reports from Matrixport hint at a promising trajectory, projecting Bitcoin’s value to potentially reach $60,000 before the next anticipated halving in April 2024. This surge led Bitcoin’s price to soar by 3% in the last 24 hours, trading at $38,744. 

The increased trading volume indicates a heightened level of interest and engagement among traders, underscoring the significance of these ongoing developments in the crypto landscape.