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Bitcoin Spot ETF applicant, Hashdex has not too long ago submitted a revised model of its ETF proposal. The information comes because the monetary agency prepares for the US SEC’s closing resolution on Spot Bitcoin ETF purposes in January 2024. 

Hashdex Amends Spot Bitcoin ETF Proposal

Crypto asset administration firm, Hashdex has introduced new updates on its Spot Bitcoin ETF proposal. Earlier in August, the monetary service firm acknowledged in its submitting to the United States Securities and Exchange Commission (SEC) that it intends to mix Spot Bitcoin with its Bitcoin Futures ETF, altering the ticker to a Hashdex Bitcoin ETF. 

At the time, Hashdex was sponsored by Teucrium Trading, a Burlington-based ETF supplier, and was in the process of initiating a merger with Tidal Commodities Trust, an funding firm. 

Now, in its new filing to the New York Stock Exchange (NYSE), Hashdex has formally initiated a partnership between Teucrium Trading LLC and Tidal Commodities Trust to collectively sponsor the Hashdex Bitcoin ETF. 

The submitting acknowledged that the merger would end in each organizational and administrative modifications. These changes would contain a shift within the belief entity chargeable for issuing the Bitcoin ETF and a change within the ETF sponsor. 

More importantly, Hashdex has acknowledged its intentions to uphold its preliminary funding methods and targets. The proposed rule change can also be meant to not negatively have an effect on buyers’ safety or impose a burden on rivals. 

“According to the Information Statement, the investment objective of the Acquiring ETF will be the same as that of the Target ETF following the Reorganization. The Exchange believes these changes will not adversely impact investors or Exchange trading. In addition, the Acquiring ETF’s portfolio meets and will continue to meet the representations regarding the Target ETF investments as described in the Releases. Except for the changes noted above, all other representations made in the Releases remain unchanged,” the submitting acknowledged. 

BTC worth holds regular above $38,000 | Source: BTCUSD on Tradingview.com

BTC Price SkyRockets Towards $39,000

The price of Bitcoin has been experiencing regular will increase as investor sentiment grows and the ultimate dates of the US SEC’s approval of Spot Bitcoin ETFs method. Unexpectedly, BTC worth surged to $39,000 not too long ago, reaching heights final noticed in May 2022.

The set off for this sudden worth spike has been attributed to a latest speech launched by the Board of Governors of the Federal Reserve System of the United States. According to the report, the Chair of the Federal Reserve United States, Jerome H. Powell has raised hopes of Fed fee hikes lowering and turning into extra secure. 

“The FOMC is strongly committed to bringing inflation down to 2 percent over time, and to keeping policy restrictive until we are confident that inflation is on a path to that objective. It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease,” Powell acknowledged. 

Data from TradingView additionally revealed that the worth of Bitcoin had risen to $39,000 on Bitstamp, a cryptocurrency change. However, on the time of writing the cryptocurrency is buying and selling at $38,765 and is up by 0.12%.

Featured picture from Money, chart from Tradingview.com