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Hashdex Anticipates the Arrival of Bitcoin ETFs for Trading

Hashdex, among the 13 asset managers vying for a spot in the Bitcoin exchange-traded fund arena, anticipates the first spot Bitcoin ETF to arrive in the United States by the second quarter of 2024. A subsequent spot Ethereum ETF is also expected.

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We previously covered Hashdex’s submission for their blended Bitcoin ETF back in August here.

Moreover, we discussed Hashdex’s submission for their blended Ether ETF in September here.

In late October, Hashdex engaged in discussions with the United States Securities and Exchange Commission (SEC) to address concerns about including spot Bitcoin in the Hashdex Bitcoin Futures exchange-traded fund (ETF) application.

In a recent outlook report published on December 4th, Hashdex highlighted that while the timing of the approval for a spot Bitcoin ETF remains unclear, they anticipate commencing their offerings by Q2, 2024.

The report, discussing future projections, outlines significant themes that will shape cryptocurrency investments in 2024 and beyond, stated Marcelo Sampaio, Co-Founder and CEO of Hashdex.

According to Samir Kerbage, Chief Investment Officer at Hashdex, “The recent crypto winter was a period of preparation for investors to capitalize as the current bull market takes shape. Looking ahead to 2024, interest in crypto’s investment case is undeniable.”

Regarding the ETFs, Hashdex’s Dramane Meite, US & Europe Head of Products, expressed uncertainty about the precise timing of a spot Bitcoin ETF in the U.S. in 2023, but emphasized the shift in focus from ‘if’ to ‘when’.

Bloomberg ETF analysts James Seyffart and Eric Balchunas anticipate a 90% probability for the approval of spot Bitcoin ETFs just before Jan. 10, 2024. Seyffart noted that this estimation is specific to the 19b-4 applications and underscored the necessity of approval for a separate form, the “S-1,” to initiate an ETF.

Meite foresees the introduction of spot Bitcoin and Ether ETFs by established asset managers, unlocking a market valued at $50 trillion, exceeding the combined size of Europe, Canada, and Brazil, the three current global markets offering spot cryptocurrency exchange-traded products.

He expects significant interest in single-asset ETFs focusing on Bitcoin and Ether, considering their widespread recognition and limited differentiation among existing options.

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