Hashdex is one of 13 asset managers competing for spot bitcoin (B T c) The exchange-traded fund expects to see the first spot Bitcoin ETF in the United States by the second quarter of 2024, followed by a spot ether (ETH) ETF.
“The exact timing of a spot Bitcoin ETF in the US remains unclear, but in 2023, the narrative around this product shifts from a question of ‘if’ to a question of ‘when’,” Said Drammen Meite, head of US and Europe product at Hashdex, said in a 2024 outlook report published on December 4.
“We believe U.S. investors will have access to spot Bitcoin ETFs by the second quarter of the new year with spot Ether ETFs likely to follow.”
Hashdex is One of 13 asset managers With spot Bitcoin ETF bid before the Securities and Exchange Commission. It has also introduced a hybrid Ether ETF that holds Both futures and spot contracts To the same regulator.
✓️ In our latest Hash Insider
– Hashdex (@hashdex) 4 December 2023
While Bloomberg ETF analysts James Seifert and Eric Balchunas have 90% chances at that spot Bitcoin ETF will be approved In the days leading up to January 10, 2024, Seifert previously noted that this only refers to 19b-4 applications — and a separate form for ETFs, known as an “S-1.” should also be approved. launch.
Seifert noted in November that “there could be weeks or even months between approval and launch.”
What Scott said: There are two paths that need to be completed for an ETF launch. Even if the 19b-4 is approved, S-1s will still require sign-off from Corp Fin’s division. There is no indication that this has been done yet. It is possible and even likely that there could be a few weeks or even months between approval and launch. https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
– James Seyffert (@JSeyff) 8 November 2023
Companies use the S-1 form to notify the SEC about proposed rule changes and require sign-off from the agency’s corporation finance division.
In the Hashdex report, Meite said the Spot Bitcoin and Ether ETF will be the first time “legacy asset managers with thousands of employees and trusted brands” offer a crypto product to their clients.
They believed this would open up a $50 trillion market, larger than the combined markets of Europe, Canada and Brazil – the only three global markets with spot crypto exchange-traded products.
Meite expects most of the interest in single-asset ETFs will focus on Bitcoin and Ether, “given their name recognition and little differentiation among the incumbents.”