bitcoin Spot ETF applicant Hashdex has recently submitted a revised version of its ETF proposal. The news comes as the financial firm prepares for the US SEC's final decision on bitcoin Spot ETF applications in January 2024.
Hashdex modifies bitcoin spot ETF proposal
crypto asset management company Hashdex has announced new updates to its Spot bitcoin ETF proposal. In early August, the financial services company stated in its filing with the United States Securities and Exchange Commission (SEC) which intends to combine Spot bitcoin with its bitcoin futures ETF, changing the symbol to a Hashdex bitcoin ETF.
At the time, Hashdex was sponsored by Teucrium Trading, a Burlington-based ETF provider, and was in the process of initiating a merger with Tidal Commodities Trust, an investment company.
Now, in your new presentation to the New York Stock Exchange (NYSE), Hashdex has officially entered into a partnership between Teucrium Trading LLC and Tidal Commodities Trust to collectively sponsor the Hashdex bitcoin ETF.
The presentation said the merger would result in both organizational and administrative changes. These adjustments would imply a change in the fiduciary entity responsible for issuing the bitcoin ETF and a change in the ETF's sponsor.
More important, hashdex has expressed its intentions to maintain its initial investment strategies and objectives. The proposed rule change is also intended not to negatively impact investor protection or impose a burden on competitors.
“According to the Disclosure Statement, the investment objective of the acquiring ETF will be the same as that of the target ETF after the reorganization. The Exchange believes that these changes will not negatively affect investors or operations on the Exchange. In addition, the acquiring ETF's portfolio complies and will continue to comply with the representations relating to the investments of the target ETF as described in the Releases. Except for the changes noted above, all other representations made in the Communications remain unchanged,” the document states.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Hashdex-Submits-Revised-Bitcoin-Spot-ETF-Filing-to-SEC-Here39s" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1530″/>
btc price holds steady above $38,000 | Source: BTCUSD on Tradingview.com
btc Price Soars Towards $39,000
He bitcoin/bitcoin-spot-etf-sec-delays-38000/” rel=”nofollow noopener” target=”_blank”>bitcoin price has been seeing steady increases as investor sentiment grows and the end dates of the US SEC Approval of bitcoin Spot ETFs getting closer. Unexpectedly, the btc price recently rose to $39,000, reaching heights last seen in May 2022.
The trigger for this sudden price increase has been attributed to a recent speech published by the Board of Governors of the United States Federal Reserve System. According to the report, US Federal Reserve Chairman Jerome H. Powell has raised hopes that the Fed's rate hikes will slow and become more stable.
“The FOMC is firmly committed to reducing inflation to 2 percent over time and to maintaining restrictive policies until we are confident that inflation is on track toward that goal. “It would be premature to confidently conclude that we have achieved a sufficiently restrictive stance, or to speculate on when the policy might be eased,” Powell said.
Data of TradingView also revealed that the price of bitcoin had risen to $39,000 on bit mark, a cryptocurrency exchange. However, at the time of writing, the cryptocurrency is trading at $38,765 and is up 0.12%.
Featured image of Money, chart from Tradingview.com