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Amidst Bitcoin’s climb to over $42,000, Hashdex has resubmitted an application for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC), timing it strategically for key decisions.
This move follows the success of Bitcoin ETFs in Brazil, where Hashdex leads with nearly $100 million in assets under management (AUM) for its spot Bitcoin ETF offering.
Hashdex Pushing for Spot BTC ETF Approval
Hot on the heels of the Teucrium Trust and Tidal Trust merger in Oct., the revamped BTC ETF application, now under the management of Tidal Financial Group, is making its case for spot Bitcoin ETFs in the U.S. amongst countless filings waiting for approval by the dreaded regulator.
The SEC is on a mission to streamline evaluations, with an imminent spotlight on a potential spot Bitcoin ETF from ARK Invest, slated for submission on Jan.10th, 2024. Engaging in high-stakes discussions, the regulatory juggernaut has talked with BlackRock about its iShares spot Bitcoin ETF proposal.
However, the clock is ticking for Hashdex, with a January 5, 2024, deadline for rebuttal comments and a compelling approval window from Jan. 5-10.
Meanwhile, expert analysts are donning their hats, predicting a January carnival of approvals as the SEC contemplates greenlighting multiple spot Bitcoin ETF proposals at once, including notable web3 names like Global X, amongst others.
The surge in the cryptocurrency market has also been reflected in the growth of crypto-based exchange-traded products (ETPs), with the total asset under management (AUM) hitting $38 billion in October 2023, a 25% increase from the previous month
Notably, the renewed investor confidence in the cryptocurrency market is not only evident in Bitcoin’s rally but also in the skyrocketing number of ETF filings of established financial giants.
With Bitcoin hitting a 20-month high and surpassing $43,000, the enthusiasm for investment vehicles like ETFs and ETPs is poised to intensify, reflecting the overall bullish sentiment in the ecosystem.
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Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.
Source: https://beincrypto.com/bitcoin-etf-amid-market-surge-inqubeta-massive-growth-explained/