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Hashdex resubmits key Bitcoin ETF application amid market surge

Hashdex

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TL;DR

  • Hashdex has resubmitted its application for a Bitcoin futures ETF to the SEC, now managed by Tidal Financial Group.
  • The SEC is streamlining evaluations for various ETF proposals, including those from ARK Invest and BlackRock.
  • The SEC is reviewing Hashdex’s spot Bitcoin ETF filing, with a decision expected between January 5-10, 2024.

In a significant move within the cryptocurrency market, Hashdex, a leader in crypto asset management, has resubmitted its application for a Bitcoin futures Exchange Traded Fund (ETF) to the U.S. Securities and Exchange Commission (SEC). The revised application, now managed by Tidal Financial Group, follows the merger of Teucrium Trust and Tidal Trust in October. This development places Hashdex at the forefront of the ETF race, emphasizing the high stakes in this burgeoning billion-dollar industry.

SEC’s active role in ETF proposals and market reactions

The SEC is actively streamlining the evaluation process for numerous ETF proposals. This includes a potential spot Bitcoin ETF from ARK Invest, set to be filed on January 10th. The regulatory body has discussed its iShares spot Bitcoin ETF proposal with BlackRock, focusing on in-kind and cash redemption models. These conversations aim to clarify transaction methodologies for ETF participants, choosing between cryptocurrency and cash.

Meanwhile, the cryptocurrency market is responding positively to these developments. The value of Bitcoin recently surged to $39,000, influenced by remarks from Federal Reserve Chairman Jerome Powell hinting at a halt in future rate hikes. This increase and optimistic projections from Matrixport suggest a potential rise in Bitcoin’s value to $60,000 before the next halving in April 2024.

Hashdex awaits SEC verdict on Bitcoin ETF filing

The crypto community eagerly awaits the SEC’s decision on the spot Bitcoin ETF filings, with a notable focus on Hashdex. The deadline for rebuttal comments on Hashdex’s filing is January 5, 2024, indicating a possible approval window between January 5-10. Analysts like James Seyffart from Bloomberg and finance lawyer Scott Johnsson predict that the SEC might approve multiple spot Bitcoin ETF proposals in early January.

This heightened anticipation is reflected in the recent 3% increase in Bitcoin’s trading value over the last 24 hours, emphasizing the market’s engagement and interest in these developments. As the deadline approaches, the industry awaits what could be a transformative moment in cryptocurrency ETFs, with Hashdex potentially playing a pivotal role.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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