Hashdex tips Bitcoin ETF to trade in Q2, followed by Ethereum
Hashdex, one of 13 asset managers vying for a Bitcoin (BTC) exchange-traded fund, expects to see its first Bitcoin ETF on U.S. soil in the second quarter of 2024, followed by the Spot Ether (ETH) ETF.
“The exact timing of a Bitcoin ETF in the United States is unclear, but in 2023, the narrative around this product has changed from ‘if' to a matter of ‘when,'” said Dramane, Americas & Europe product leader at Hashdex.
“We believe US investors will find a Bitcoin ETF position in the second quarter of the new year, and an Ether ETF position may follow.”
Hashdex is one of 13 asset managers with a Bitcoin ETF application before the US Securities and Exchange Commission (SEC). It also has hybrid Ether ETF futures and put contracts with the regulator.
⚡️ In our latest Hash Insider
Hashdex continues its 2024 #Crypto Investment Outlook #SEC work on #spot #bitcoin ETFsUK asset managers licensed to launch ‘tokenized' funds
And more!https://t.co/O8uESoYJ03
— Hashdex (@hashdex) December 4, 2023
Bloomberg ETF analysts James Seifert and Eric Balchunas suggest a 90% chance that Bitcoin ETFs will be approved in the days leading up to January 10, 2024. A separate Form S-1 must also be approved to launch an ETF.
“There can be weeks or even months between approval and launch,” Seifert said in November.
What Scott said: There are two ways to complete an EFF launch. Even if 19b-4 is approved, S-1s still need to be signed by the Corp Fin division. No sign has been made yet. There could be weeks or even months between approval and launch, and probably pic.twitter.com/7OLj5HjSDy
— James Seyff (@JSeyff) November 8, 2023
Companies use Form S-1 to notify the SEC of proposed rule changes and require a sign-off from the agency's Division of Corporate Finance.
RELATED: Bitcoin Is ‘Main User' As Cryptocurrencies Hit 10-Week Growth Level
In a Hashdex report, Meite said Spot Bitcoin and Ether ETFs will see “thousands of former asset managers and trusted brands” offering their clients a crypto product for the first time.
He believed this would open up a $50 trillion market larger than Europe, Canada and Brazil combined – the only three global markets with crypto-exchange-traded products.
Meite expects most of the interest in single-asset ETFs to focus on Bitcoin and Ether, saying, “Their name recognition and the difference between existing and new.”
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in.
