Hashdex, the applicant for a Bitcoin Spot ETF, has submitted a revised version of its proposal. This update comes as the firm anticipates the US SEC’s final decision on Spot Bitcoin ETF applications in January 2024.
Hashdex Updates Spot Bitcoin ETF Proposal
Hashdex, a crypto asset management company, has announced new updates to its Spot Bitcoin ETF proposal. In August, the company filed with the United States Securities and Exchange Commission (SEC) to combine Spot Bitcoin with its Bitcoin Futures ETF and change the ticker to a Hashdex Bitcoin ETF.
At that time, Hashdex was sponsored by Teucrium Trading and in the process of merging with Tidal Commodities Trust, an investment company.
In a new filing to the New York Stock Exchange (NYSE), Hashdex has established a partnership between Teucrium Trading LLC and Tidal Commodities Trust to jointly sponsor the Hashdex Bitcoin ETF.
The filing states that the merger will result in organizational and administrative changes, including a shift in the trust entity responsible for issuing the Bitcoin ETF and a change in the ETF sponsor.
Importantly, Hashdex has expressed its commitment to upholding its initial investment strategies and objectives. The proposed rule change is also intended not to negatively impact investors’ protection or impose a burden on competitors.
BTC price holds steady above $38,000 | Source: BTCUSD on Tradingview.com
BTC Price Skyrockets Towards $39,000
The price of Bitcoin has been steadily increasing as investor sentiment grows and the final dates of the US SEC’s approval of Spot Bitcoin ETFs approach. Recently, BTC price surged to $39,000, reaching heights last observed in May 2022.
The trigger for this sudden price spike has been attributed to a recent speech released by the Board of Governors of the Federal Reserve System of the United States. According to the report, the Chair of the Federal Reserve United States, Jerome H. Powell, has raised hopes of Fed rate hikes reducing and becoming more stable.
“The FOMC is strongly committed to bringing inflation down to 2 percent over time, and to keeping policy restrictive until we are confident that inflation is on a path to that objective. It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease,” Powell stated.
Data from TradingView also revealed that the price of Bitcoin had risen to $39,000 on Bitstamp, a cryptocurrency exchange. However, at the time of writing, the cryptocurrency is trading at $38,765 and is up by 0.12%.
Featured image from Money, chart from Tradingview.com
