Hashdex tips find out if Bitcoin ETF will be trading by Q2, followed by Ethereum.
Hashdex, one of 13 asset managers competing for a spot Bitcoin (BTC) exchange-traded fund, expects the first spot Bitcoin ETF to launch in the U.S. by the second quarter of 2024, followed by a spot ether (ETH) ) We expect ETFs to follow. .
“The exact timing of a U.S. spot Bitcoin ETF is unclear, but the narrative surrounding this product in 2023 has shifted from a question of ‘if’ to a question of ‘when,’” said Dramane, Hashdex’s head of U.S. and European products. . Meite in the 2024 outlook report released on December 4.
“We believe U.S. investors will have access to a spot Bitcoin ETF by the second quarter of the new year, with a spot Ether ETF to follow.”
Hashdex is one of 13 asset managers that have applied for a Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). It also proposed to regulators a hybrid Ether ETF containing futures and spot contracts.
⚡️ From the latest Hash Insider
Hashdex launches in 2024. #Cryptocurrency investment prospects
#secretary We keep working hard #dot #Bitcoin ETF
British asset management company approved to launch ‘tokenized’ fund& more! https://t.co/O8uESoYJ03
— Hashdex (@hashdex) December 4, 2023
Bloomberg ETF analysts James Seyffart and Eric Balchunas pegged the odds of a spot Bitcoin ETF being approved by January 10, 2024 at 90%, although Seyffart previously said this would only apply to 19b-4 applications and that an ETF would need to be launched before it could be launched. A separate Form S-1 must also be approved.
“It could take weeks or months from approval to launch,” Seyffart noted last November.
Scott says: There are two paths that need to be completed to launch an ETF. Even if the 19b-4 is approved, the S-1 still requires approval from the Corp Fin division. There is no indication that it is finished yet. There may be weeks or months between approval and release, or even https://t.co/LZSdutmlT8. 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 approval from the agency’s Corporate Finance Division.
Related: Bitcoin has been the ‘main beneficiary’ for cryptocurrency funds for the 10th week in a row.
In a report by Hashdex, Meite said the spot Bitcoin and Ether ETF would see “established asset managers with thousands of employees and trusted brands” offer cryptocurrency products to their clients 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 that offer spot cryptocurrency exchange-traded products.
Meite predicted that most interest in single-asset ETFs will focus on Bitcoin and Ethereum. “Given their name recognition and little differentiation from incumbents.”
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