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 Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

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

Digital Asset Summit 2025

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Bitcoin Expressivity with BitcoinOS

The BitcoinOS team is the first to have developed and posted a ZK-compressed proof on the Bitcoin network. Other proof verification efforts have been limited to the Signet or testnet deployments. Their work has resulted in the development of BitSNARK, a software library for ZK-compressed fraud proofs on the Bitcoin network. The project aims to provide a horizontal scaling solution, offering a one-stop shop for teams interested in developing a rollup on Bitcoin. This approach shares similarities with the horizontal tech stack scaling in other ecosystems like Cosmos and Optimism, particularly in its focus on simplified verification, bridging standards, and lightweight interoperability.

by 0xMims