Hashdex Revamps Bitcoin ETF Filing, but Key Detail Remains Unclear

In a recent tweet, James Seyffart, a prominent Bloomberg ETF analyst, provided a crucial update on Hashdex’s pending Bitcoin Spot ETF application status. Seyffart stated that the form S-1 amendment in Hashdex’s spot Bitcoin ETF filings has resumed this week with Hashdex’s new filing.

Update: The S-1 amendment train continues this week for spot #bitcoin ETFs with @hashdex’s filing. pic.twitter.com/wYqLNpW4ss

— James Seyffart (@JSeyff) December 11, 2023

Drawing parallels to a previous filing, Seyffart hinted that the current S-1 amendment might not be the one awaited by enthusiasts or industry observers. Specifically, the Bloomberg analyst pointed out that Hashdex’s submission concerned the Futures aspect of its application rather than the Spot.

Meanwhile, confusion ensued about the mention of “Futures ETF” in the filing. Seyffart clarified that Hashdex’s application revolves around permitting its futures ETF to encompass the capability to hold spot Bitcoin.

Furthermore, Seyffart mentioned that the new filing addressed specific details and ensured accuracy in Hashdex’s transition with Tidal Financial Group.

Early this month, Hashdex filed an amendment to their 19b-4 for their Bitcoin ETF. The proposal was to modify certain representations outlined in the previously submitted document to the Securities and Exchange Commission. The official notification indicated that Hashdex’s ETF has transitioned from Teucrium ETFs to the management of the Tidal Financial Group.

However, he pointed out a critical omission in the new filing. Specifically, he highlighted that there was still no information regarding the custodian responsible for holding Hashdex’s spot Bitcoin if the application were to be approved.
This situation with Hashdex is unlike that of BlackRock and other similar asset managers with pending spot applications. Specifically, BlackRock identified the U.S.-based exchange Coinbase as its custodian.

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