Alpaca Finance Institutional Newsletter #52
Highlights
- Hashdex explores unique approach for Bitcoin ETF filing
- Grayscale wins SEC lawsuit for Bitcoin ETF review
- SEC postpones decision on 6 other spot Bitcoin ETF applications
Hashdex, a crypto asset management company, has applied to the U.S. SEC for a Bitcoin futures ETF that will hold spot Bitcoin. Unlike recent filings, Hashdex’s approach doesn’t rely on the Coinbase surveillance sharing agreement. Instead, it plans to acquire spot Bitcoin from physical exchanges within the CME market. This unique strategy involves swapping futures contracts for equivalent spot exposure, potentially increasing the likelihood of SEC approval due to recent developments in the crypto space and regulatory pressure.
Grayscale Investments has secured a significant victory against the SEC in its bid to convert the Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin ETF. The appeals court ruled that the SEC’s rejection of GBTC’s ETF application was “arbitrary and capricious.” However, the ruling doesn’t guarantee an eventual ETF listing. Grayscale’s CEO, Michael Sonnenshein, is currently reviewing the court’s opinion. GBTC is the largest Bitcoin fund traded over-the-counter with over $14 billion in assets under management, but it faced challenges due to the SEC’s prior decision and financial issues.
On the other hand, the SEC has delayed its decision on six spot Bitcoin ETF applications from WisdomTree, VanEck, Invesco Galaxy, Bitwise, Valkyrie, and Fidelity’s Wise Origin Bitcoin Trust. The extension grants the SEC an additional 45 days, pushing the decision timeframe to October.
News
- Hashdex joins race for spot Bitcoin ETF with unique strategy
- Islamic finance and Web3 take stage at Istanbul Blockchain Week
- Google Cloud to digitize El Salvador’s governance, healthcare and education
- MakerDAO co-founder proposes fork of Solana codebase for native chain
Products
- SEBA Bank secures in-principle nod for crypto services in Hong Kong
- USDC will launch natively on Base network ‘next week’
- Binance launches crypto-to-bank account payment product in Latin America
- Nexo launches crypto Mastercard for EEA citizens
Regulation
- New tax rules for crypto in the US
- Indian PM Modi calls for global cryptocurrency framework at G20 Summit
- China court declares virtual assets legal properties protected by law
- UK’s Travel Rule comes into effect, could halt certain crypto transfers
- SEC delays decision on 6 spot Bitcoin ETF applications
Funding
- Robinhood bought back Sam Bankman-Fried’s stake from US gov’t for $606M
- ’Altcoins’ central to Hong Kong crypto firm HashKey’s first liquid fund
- Web3 marketing firm DeForm raises $4.6 million in seed funding
- FirstMate raises $3.75 million in Dragonfly-led round
