The anticipation for a spot Bitcoin exchange traded fund (ETF) product in the United States is brewing in a unique way as a new player, Hashdex, has submitted a 19b-4 filing through NYSE Arca to list a related product on the public bourse.
The Hashdex product is dubbed the Hashdex Bitcoin ETF and it takes a major detour from other products that have a surveillance sharing agreement (SSA) with Coinbase Global Inc. According to the filing, the Hashdex Bitcoin ETF is structured such that it can purchase its Bitcoin product directly on exchanges within the Chicago Mercantile Exchange market.
The Hashdex Bitcoin ETF appears as something that is more intricate than it appears. Analysts who have reviewed the filing, including Bloomberg’s James Seyffart, noted that the strategy involves exclusively conducting exchange for related positions transactions. Notably, this exchange will encompass swapping futures contracts for an equivalent spot exposure instead of direct cash purchases from exchanges.
The spot Bitcoin ETF terrain is heating up in a unique way with the U.S. Securities and…