Hashdex Spot Bitcoin ETF Now Filed as Amended Form 19b-4

Key Points:

• Bloomberg reports Hashdex’s 19b-4 amendment to the SEC, refining its spot Bitcoin ETF proposal.

• The SEC outlines evaluation procedures for the Hashdex spot Bitcoin ETF, utilizing Form 19b-4 with a 35-day comment period.

• Speculation arises about potential SEC approvals for spot Bitcoin ETFs in January 2024, with a focus on Hashdex’s CME-based pricing and liquidity considerations.

Bloomberg analyst James Seyffart reveals that Hashdex has submitted a 19b-4 amendment to the U.S. Securities and Exchange Commission (SEC) for Hashdex spot Bitcoin ETF. The amendment reflects modifications to certain statements in the initially proposed rule change.

New Amendment: Advancing Hashdex Spot Bitcoin ETF Proposal

The SEC, in its recent actions, has outlined the evaluation process for the proposed Franklin Templeton and Hashdex spot Bitcoin ETFs. Form 19b-4, a public disclosure authorized by the SEC’s Trading and Markets Division, differs from Form S-1, which is the offering prospectus under the Corporate Finance Division’s approval. The SEC has stipulated a 35-day open period for comments and responses post-publication in the Federal Register.

According to a filing on November 28, the SEC is soliciting written comments on Franklin Templeton and Hashdex’s 19b-4 forms, seeking approval or denial insights.

Market observers speculate that the SEC’s recent moves could pave the way for potential approvals of spot Bitcoin ETFs in early January 2024, following previous delays in deciding on applications from two potential issuers.

Hashdex’s proposed fund structure is intricate, designed as a futures ETF holding spot BTC. Differing from Franklin Templeton, Hashdex plans to source BTC from various exchanges on the CME and rely solely on this mechanism for pricing. The SEC is actively seeking input on the CME’s significance regarding the fund structure and the availability of ample liquidity.

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