Hashdex Predicts Spot Bitcoin ETF Launch in the U.S. by Q2 2024, Followed by Ether ETF
Crypto News – Hashdex’s Head of Product for the U.S. and Europe recently discussed the uncertain timing of a spot Bitcoin ETF but expressed optimism that it could launch by the second quarter of 2024. Hashdex is among 13 asset management firms competing for approval to introduce a spot Bitcoin exchange-traded fund in the United States, with plans for a spot Ether ETF to follow.
In a 2024 outlook report released on December 4th, Hashdex’s Dramane Meite stated that the narrative surrounding the introduction of a spot Bitcoin ETF in the U.S. shifted from “if” to “when” in 2023. He believes that U.S. investors may gain access to a spot Bitcoin ETF as early as the second quarter of the coming year, with a spot Ether ETF to potentially follow suit.
It’s worth noting that Hashdex is one of the 13 companies that have submitted applications for a spot Bitcoin ETF to the U.S. Securities and Exchange Commission (SEC). Additionally, the firm has proposed a hybrid Ether ETF that includes both futures and spot contracts.
While some Bloomberg ETF analysts have estimated a 90% likelihood of spot Bitcoin ETF approval by January 10, 2024, it’s important to clarify that this pertains specifically to the 19b-4 applications. Approval of the separate Form S-1 is also required for an ETF to launch. James Seyffart, one of these analysts, mentioned that there could be a gap of several weeks or even months between approval and the actual ETF launch. Companies typically use Form S-1 to notify the SEC of proposed rule changes, requiring approval from the agency’s Division of Corporation Finance.
In Hashdex’s report, Meite emphasized that spot Bitcoin and Ether ETFs could attract “legacy asset managers with thousands of staff and trusted brands,” allowing them to offer cryptocurrency products to their customers for the first time. He anticipates that this development could unlock a market valued at $50 trillion, surpassing the combined size of the European, Canadian, and Brazilian markets—the only three global markets with spot crypto exchange-traded products.
Meite expects that the primary interest in single-asset ETFs will center around Bitcoin and Ether due to their strong name recognition and limited differentiation among existing offerings.
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