Hashdex, a prominent asset manager, recently discussed its spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC). The meeting was centered around the regulator’s concerns regarding the proposed product.
The discussion took place on October 13th, involving representatives from Hashdex, NYSE Arca, Tidal Financial Group, and law firm K&L Gates.
Hashdex’s application is unique as it does not involve a surveillance-sharing agreement with Coinbase, a leading cryptocurrency exchange. Instead, Hashdex plans to acquire spot Bitcoin from physical exchanges within the Chicago Mercantile Exchange (CME) market.
The company’s strategy, as presented to the SEC, is based on the Teucrium Order. This order asserts that the Bitcoin futures market is sufficiently mature to support financial products seeking Bitcoin exposure.
The SEC may request additional information before the application’s first deadline on November 17th, as per a source.
Hashdex has an impressive portfolio, managing over $380 million in assets across 14 exchange-traded products in seven nations. The SEC had previously approved Hashdex’s Bitcoin Futures ETF in April 2022, which is now listed on NYSE Arca. If the rule change is accepted, the ETF will also be able to hold spot Bitcoin.
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