Hashdex, one of 13 asset managers vying for a bitcoin (btc) exchange-traded fund, expects the first spot bitcoin ETF in the United States to land in the second quarter of 2024, followed by an Ether ETF (eth) spot. .
“The exact timing of a spot bitcoin ETF in the US remains unclear, but in 2023, the narrative around this product has moved from a question of 'if' to a question of 'when.'” crypto-Investment-Outlook.html” target=”_blank” rel=”noopener nofollow”>saying Dramane Meite, Hashdex's head of product for the US and Europe, in a 2024 outlook report published on December 4.
“We believe that US investors will have access to a bitcoin spot ETF by the second quarter of the new year and that an Ether spot ETF will likely follow.”
Hashdex is one of 13 asset managers with a bitcoin Spot ETF application with the US Securities and Exchange Commission (SEC). It has also submitted to the regulator a hybrid Ether ETF with futures and spot contracts.
In our latest Hash Insider
Hashdex launches our 2024 crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto Investment prospects
#SECOND continues his work in #place bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETFs
UK asset managers given green light to launch 'tokenized' funds& further!https://t.co/O8uESoYJ03
-Hashdex (@hashdex) December 4, 2023
While Bloomberg ETF analysts James Seyffart and Eric Balchunas have pegged a 90% chance that bitcoin spot ETFs will be approved in the days leading up to January 10, 2024, Seyffart has previously noted that this is refers only to 19b-4 applications and that the separate Form S-1 must also be approved for an ETF to be launched.
Seyffart noted in November that “weeks or even months could pass between approval and launch.”
What Scott said: There are TWO paths that must be completed for the launch of an ETF. Even if 19b-4 is approved, the S-1s still need approval from Corp Fin's division. There's no sign it's over yet. It is possible and even likely that weeks or even months will pass between approval and launch. https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
-James Seyffart (@JSeyff) November 8, 2023
Companies use Form S-1 to notify the SEC of proposed rule changes and require approval from the agency's Division of Corporate Finance.
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In the Hashdex report, Meite said that bitcoin and Ether spot ETFs would see “legacy asset managers with thousands of employees and trusted brands” offer their clients a crypto product for the first time.
He believed this would unlock a $50 trillion market, larger than Europe, Canada and Brazil combined – the only three global markets with spot-traded crypto products.
Meite expects most of the interest in single-asset ETFs to focus on bitcoin and Ether, “given their name recognition and little differentiation between holders.”
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