Hashdex, a cryptocurrency asset management firm, has entered the race to launch a spot Bitcoin exchange-traded fund (ETF) in the United States.

The company has applied to the United States Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will hold spot Bitcoin.

ETFs are stock market investment funds whose value is derived from an underlying basket of assets such as stocks, bonds, commodities, and other financial instruments.

Similarly, Bitcoin ETFs follow the value of BTC and trade on stock markets rather than cryptocurrency platforms.

Hashdex's strategy varies from recent filings in that it will not rely on the Coinbase surveillance sharing arrangement, instead acquiring spot Bitcoin via physical exchanges in the CME market.

According to a 19b-4 filing by NYSE Arca with the US Securities and Exchange Commission, Hashdex proposes to include spot Bitcoin in its Bitcoin futures ETF and change the ticker to Hashdex Bitcoin ETF.

Some experts have weighed in on Hashdex's one-of-a-kind Bitcoin ETF filing. Bloomberg analyst James Seyffart stated that the method entails just performing exchange for related positions trades.

This involves exchanging futures contracts for equivalent spot exposure rather than making direct cash purchases from exchanges.

Sources:

https://cointelegraph.com/news/hashdex-joins-race-for-spot-bitcoin-etf-with-unique-strategy

https://decrypt.co/153903/latin-america-hashdex-bitcoin-spot-etf-application-sec/

https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2023/SR-NYSEArca-2023-58.pdf

https://twitter.com/JSeyff/status/1695187374970384712