Hashdex, one of many 13 asset managers vying for a spot Bitcoin (BTC) exchange-traded fund, expects to see the primary spot Bitcoin ETF in the US land by the second quarter of 2024, followed by a spot Ether (ETH) ETF.
“The precise timing of a spot Bitcoin ETF within the U.S. stays unclear, however in 2023, the narrative round this product switched from a query of ‘if’ to a matter of ‘when,’” said Hashdex’s U.S. and Europe head of product Dramane Meite in a 2024 outlook report, printed on Dec. 4.
“We consider U.S. buyers could have entry to a spot Bitcoin ETF by the second quarter of the brand new 12 months and {that a} spot Ether ETF is probably going to comply with.”
Hashdex is one of 13 asset managers with a spot Bitcoin ETF software earlier than the U.S. Securities and Alternate Fee (SEC). It has additionally pitched a hybrid Ether ETF with futures and spot contracts to the regulator.
⚡️ In our newest Hash Insider
Hashdex releases our 2024 #Crypto Funding Outlook
#SEC continues its work on #spot #bitcoin ETFs
UK asset managers given go-ahead to launch ‘tokenized’ funds& extra!https://t.co/O8uESoYJ03
— Hashdex (@hashdex) December 4, 2023
Whereas Bloomberg ETF analysts James Seyffart and Eric Balchunas have pinned 90% odds that spot Bitcoin ETFs will be approved within the days main up to Jan. 10, 2024, Seyffart has beforehand famous that this refers solely to the 19b-4 purposes and that the separate Type S-1 should even be permitted for an ETF to launch.
Seyffart famous in November that “there might be weeks and even months between approval and launch.”
What Scott stated: There are TWO paths that want to be accomplished for an ETF launch. Even when 19b-4 is permitted, S-1s nonetheless want log off from division of Corp Fin. No signal that is carried out but. Doable and even probably that there might be weeks and even months between approval & launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
— James Seyffart (@JSeyff) November 8, 2023
Corporations use Type S-1 to notify the SEC of proposed rule modifications and require sign-off from the company’s Division of Company Finance.
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In Hashdex’s report, Meite stated spot Bitcoin and Ether ETFs would see “legacy asset managers with hundreds of workers and trusted manufacturers” supply their prospects a crypto product for the primary time.
He believed this could unlock a $50 trillion market, bigger than Europe, Canada and Brazil mixed — the one three world markets with spot crypto exchange-traded merchandise.
Meite anticipated a lot of the curiosity in single-asset ETFs will give attention to Bitcoin and Ether, “given their identify recognition and little differentiation amongst incumbents.”
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