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.

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