Hashdex Spot Bitcoin ETF Omitted From Amended S-1 Filings – What Does It Mean?

Several asset managers filed amendments to Form S-1 on January 8 as part of the process to seek approval to list Bitcoin (BTC) exchange-traded funds on a US-based exchange. Notably, out of several firms that have reported, crypto asset management company Hashdex has not issued an updated form.

On January 8, asset management firms including Valkyrie, WisdomTree, BlackRock, VanEck, Invesco and Galaxy, Grayscale and ARK Invest and 21Shares filed revised S-1 forms with the US Securities and Exchange Commission, a key step toward regulatory approval. One place BTC ETF. While Hashdex filed a 19b-4 amendment form with the aforementioned firms on January 5, it was not filed on January 8, leading to speculation that the position was a Bitcoin investment vehicle.

According to a Jan. 8 X (formerly Twitter) post from Bloomberg ETF analyst Jeff Seifert, the Hashdex Bitcoin ETF app differs from other firms in that it aims to replace an existing crypto futures ETF. Hashdex filed its filing with the SEC in August, proposing a future investment vehicle that Bitcoin could take a place in.

Also, no update from @hashdex yet as others have pointed out. But they stand out from the pack simply because they're the only product on this list that's working as an EFF. So I don't read much yet.

— James Seyff (@JSeyff) January 8, 2024

Related: Gary Gensler warns on crypto ahead of potential Bitcoin ETF approval

The approval of Spot Bitcoin ETF is not a guarantee for any asset manager, but many experts have pointed out that the SEC documents and early legal actions could be a positive sign for the commission to green light the investment vehicle for the first time. In October, a judge ordered the SEC to revisit a Bitcoin ETF application from Grayscale Investments after ruling that its decision to reject the offering was “arbitrary and capricious.”

The lack of an updated S-1 form suggests a delay in Hashdex's Bitcoin ETF, but even if the SEC moves through several approvals this week, it may not change its reasons for approving or denying the ETF. The asset manager launched a media campaign promoting Bitcoin on December 28, following a similar ad spot from Bitwise.

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