Bitcoin ETF roundup: Grayscale meets with SEC, Hashdex releases ad

Grayscale meets with the SEC again to discuss its spot Bitcoin ETF application, and Hashdex becomes the second firm to post a crypto ETF ad.

According to reports, Grayscale met with the SEC on Tuesday to discuss potential rule changes to their ETF application. The leaked memorandum shared by Bloomberg reporter James Seyffart shows that Grayscale is still pushing for in-kind and cash transactions for their spot Bitcoin ETF.

More: pic.twitter.com/vjWxa5LM7Q

— James Seyffart (@JSeyff) December 20, 2023

In-kind transactions refer to the process where ETF shares are created or redeemed by exchanging securities, like stocks or bonds, instead of cash. This method efficiently manages the ETF’s portfolio and helps minimize the tax impact on investors.

Grayscale also proposed that only authorized participants should be able to create and redeem Bitcoin ETP shares and must be registered with FINRA.

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Bitcoin ETF advertisement war is heating up

The excitement around ETFs continues to build up, with Hashdex posting an ad promoting their upcoming crypto-ETFs today. Hashdex becomes the second firm to release such an ad, as Bitwise released the first ETF featuring popular actor Jonathan Goldsmith yesterday. After Hashdex’s post earlier today, Bitwise released a second advertisement saying ‘Satoshi sends his regards.’

pic.twitter.com/ViLJOttpks

— Hashdex (@hashdex) December 20, 2023

He thought you’d like to know… pic.twitter.com/P4hyT7WQDt

— Bitwise (@BitwiseInvest) December 20, 2023

The frequent meetings from Grayscale and Blackrock and the positive advertisements hint that ETF approvals are just around the corner, with experts believing several applications will be approved by the SEC in January.

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