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Notable Absence of Hashdex in Latest Round of S-1 Bitcoin ETF Amendments

Fredrik Vold
Last updated: | 1 min read
Notable Absence of Hashdex in Latest Round of S-1 Bitcoin ETF Amendments
Source: Adobe / Backcountry Media

In the recent wave of amended S-1 filings by multiple asset managers on January 8, the notable absence of digital asset management firm Hashdex has caught the attention of industry observers.

The firm, which already offers a Bitcoin futures-based exchange-traded fund (ETF) with the ticker DEFI, did not submit an amended form alongside other firms, raising questions about the status of its spot Bitcoin ETF application.

DEFI ETF screenshot
Source: Screenshot from Hashdex-etfs.com/defi

On January 5, Hashdex filed a 19b-4 amendment form, but it did not participate in the January 8 filing round alongside companies like Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, and 21Shares.

The absence has sparked speculation about the reasons behind Hashdex’s decision not to issue an amended form on the same day as its counterparts.

Conversion from Hashdex Bitcoin futures ETF


According to Bloomberg ETF analyst Jeff Seyffart, Hashdex’s Bitcoin ETF application differs from others as it aims to convert an existing Bitcoin futures ETF rather than launch an entirely new product from scratch.

For that reason, Seyffart said in a post on X that he was “not gonna read too much into that yet.”

Hashdex originally submitted its application to the US Securities and Exchange Commission (SEC) in August of last year, proposing a futures investment vehicle that can also hold spot Bitcoin.

Additionally, Hashdex’s ETF launch last year attracted attention from industry observers like Bloomberg’s senior ETF analyst Eric Balchunas, who said it was notable that the application was “filed under the 33 Act, which [Gensler] has said doesn’t have enough [investor] protections vs [the] 40 Act.”

This is a “good sign for spot,” Balchunas said at the time, referring to the potential for a spot Bitcoin ETF approval.

The SEC is widely expected to greenlight applications from multiple ETF issuers to launch the first spot Bitcoin ETFs in the US this week, with many pointing to Wednesday January 10th as the most likely approval date.