The race for Bitcoin spot ETFs is heating up.

After a period of stagnation, the US Securities and Exchange Commission (SEC) must once again process the various applications for spot ETFs. To maximize the chance of approval, asset managers do their best to achieve the best, including Hashdex. This company has appointed an administrator for this role who we have not yet met.

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Hashdex wants to convert Bitcoin ETF

According to CoinDesk, Hashdex filed an S-1 form with the SEC on Friday to change some details. For example, the company simply wants to change the name of its Bitcoin futures ETF to “Hashdex Bitcoin ETF.” This suggests that they want to convert this existing exchange fund, which is based on Bitcoin futures contracts, into a spot ETF.

Most competitors are currently choosing to launch a new ETF, with Grayscale being an exception. Grayscale wants to convert its existing GBTC fund into a spot ETF. After the company won its lawsuit against the SEC last summer, the SEC had to reconsider the ETF application.

Hashdex has also appointed crypto custodian BitGo as custodian of the Bitcoins it manages. This is an exception in this regard as most ETF issuers have turned to Coinbase for this role. Fidelity wants to store its coins itself and VanEck will work with the American crypto exchange Gemini.

Bitcoin spot ETFs: fast or not fast?

The market is hoping that there will be some momentum again after the standstill surrounding the more than ten ETF applications. The next deadlines are in January. The deadline for the joint fund between ARK Invest and 21Shares is January 10th. The following deadlines for almost all other funds will follow in the middle of the month.

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But not everyone is optimistic. BitGo CEO Mike Belsche believes the SEC will make a problem with Coinbase both storing and offering coins to traders. Belsche, like the SEC, believes this should be completely separated. Many of the funds work with Coinbase Custody, which could cause delays if the SEC complains.

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