By
Chimamanda U. Martha
June 3rd, 2024
The first reports said the SEC gave the green light but did not say “ETF”. This made people wonder if it was really an approval for a Bitcoin exchange-traded fund.
News recently broke that the Securities and Exchange Commission (SEC) had allegedly approved listing the Bitcoin (BTC) futures fund from Hashdex and Teucrium. However, confusion quickly came up about what exactly happened.
The proposed fund would let people invest in Bitcoin’s price changes and long-term growth without actually owning the crypto coins. This could be an easier way for some investors to potentially profit as BTC keeps increasing in price and advancing with new technology. It will also present an opportunity for many traditional investors to have crypto exposure in a less risky and well-regulated environment.
Confusions Around the Alledged Approval of Hashdex and Teucrium Bitcoin Futures Fund
The first reports said the SEC gave the green light but did not say “ETF”. This made people wonder if it was really an approval for a Bitcoin exchange-traded fund. Crypto analyst James Seyfart thinks the news just means Hashdex is switching from being listed by Teucrium to being listed by Tidal’s trust.
An update came from The Block, who originally shared the news. They now say the development had nothing to do with an ETF getting approved like they first reported. The SEC notice actually just let Hashdex update some details about how its fund works. Expert Scott Johnsson also said this does not change plans for a “hybrid ETF.” That kind of ETF would be very meaningful for Bitcoin.
While being able to invest in Bitcoin futures could still be good for some, this story shows how fast crypto news spreads without all the facts. The truth came out: there was no ETF approval, as people assumed at first. It shows the need for accuracy and taking time to confirm facts in the fast-paced crypto world.
All Eyes on the January Bitcoin ETF Deadline
The cryptocurrency community is intently focused on January 2024 as a pivotal timeline for potential Bitcoin exchange-traded funds (ETFs) in the United States. This month marks the deadline for the SEC to provide responses on several outstanding spot Bitcoin ETF applications or extensions. One major reason this date carries such significance is that it represents the deadline for the SEC to approve or reject flagship ETF applications, such as the one filed by ARK Invest for a 21Shares Bitcoin ETF. The regulators’ impending decision is eagerly anticipated across the crypto sector.
🚨 #BITCOIN ETF COUNTDOWN 🚨
LESS THAN 24 DAYS LEFT FOR #BITCOIN ETF APPROVAL. 👀
ARE YOU GUYS READY?? pic.twitter.com/plTrEQXRGC
— BITCOINLFG® (@bitcoinlfgo) December 13, 2023
Additionally, experts have noted a rising sense of optimism from the SEC in recent months, indicating the first US Bitcoin ETF could be greenlit in the near future. Advanced discussions between the SEC and major ETF providers, just like the recent update required from Hashdex, further point to a greater chance of acceptance of bitcoin financial instruments by the regulatory body.