Hashdex’s bitcoin fund does not yet offer spot exposure

Its registration statement to convert the fund from a futures-based ETF to a spot ETF is still under SEC review, firm says in “correction” statement

by Ben Strack /

January 11, 2024 04:53 pm

Hashdex and Geneeva/Shutterstock modified by Blockworks

Hashdex has not yet added spot exposure to its bitcoin ETF, the company said Thursday — as it awaits final clearance from the US Securities and Exchange Commission.

The Brazil-based asset manager filed in August to modify its Bitcoin Futures ETF (DEFI) to a new fund — the Hashdex Bitcoin ETF — that also holds bitcoin directly.

The SEC on Wednesday approved proposals by stock exchanges Nasdaq, NYSE Arca and Cboe BZX to list 11 ETFs that would hold bitcoin directly, including Hashdex’s.

But Hashdex’s registration statement to convert the fund has not yet gone effective — an additional necessary step for the investment strategy change to be official.

Hashdex said Wednesday its “listing rule” to complete the futures-focused fund’s conversion to the spot bitcoin ETF had been approved. But in a “correction” press release issued Thursday, the asset manager said the Hashdex Bitcoin Futures ETF does not currently hold bitcoin directly.

“At a later date, the fund will change its name and change its investment strategy to permit spot bitcoin in its portfolio,” the release states. “These changes will be effected by a registration statement that is currently under review with the US Securities and Exchange Commission.”

A Hashdex spokesperson declined to comment beyond the Thursday release.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Newsletter

Blockworks Daily

Upcoming Events

Permissionless III Hackathon

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

learn more

Permissionless III

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Permissionless is a conference for founders, application developers, and users. Come meet the next generation of people building and using crypto.

learn more

recent research

Research

Why Solana Mobile Should 100x Their Phone Production

Solana Mobile is a highly ambitious foray into the mobile consumer hardware market, seeking to open up a crypto-native distribution channel for mobile-first applications. The market for Solana Mobile devices has demonstrated a phenomenon whereby external market actors (e.g. Solana-native projects) continuously underwrite subsidies to Mobile consumers. The value of these subsidies, coming in the form of airdrops, trial programs, and exclusive NFT mints, have consistently covered the cost of the phone and generated positive returns for consumers. Given this trend in subsidies, the unit economics in the market for Mobile devices, and the initial growth rate and trajectory of sales, it should be expected that Solana mobile can clear 1M to 10M units over the coming years. As more devices circulate amongst users, Solana Mobile presents a promising venue for the emergence of killer-applications uniquely enabled by this mobile-first, crypto-native distribution channel.

by Luke Leasure