Although an official trading date has not been announced yet, fund manager Hashdex mentioned that more information will be provided soon. Hashdex offers a variety of crypto ETFs in Brazil, including Bitcoin, Ethereum, Solana, and funds focused on DeFi, Web3, and the Metaverse.

This development in Brazil parallels the recent approval of XRP ETF filings by the SEC in the United States, with filings from Nasdaq and Cboe BZX exchanges. XRP prices responded by rising 7.8%, reaching $2.72. The coin is currently only 20% away from its all-time high.

Brazilian Bank to Launch Stablecoin on XRPL

Meanwhile, Braza Group, a key player in Brazil’s interbank market, is working on launching a Brazilian real-pegged stablecoin on Ripple‘s blockchain, the XRP Ledger. Marcelo Sacomori, CEO of Braza Group, stated in a February 19 announcement:

“We are committed to offering a stablecoin that not only meets but exceeds the highest security and compliance standards.”

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The stablecoin, named BBRL, will be backed by Braza Bank, a company specializing in foreign exchange services and international payments. While Braza Bank isn’t among the top 10 banks in Brazil by assets and deposits, it claims to be the largest exchange bank in the country.

Launch and Future of the Stablecoin

The BBRL stablecoin is set to launch in the first quarter of 2025 and will initially be available to institutional clients. Sacomori stated:

“By the end of next year, we expect BBRL to capture about 30% of the market in Brazil.”

DREX, a Brazilian central bank blockchain initiative, is also in progress, with Braza Group participating. DREX is working on asset tokenization, cross-border payments, and a potential central bank digital currency (CBDC).

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The intended ETF seeks to give investors varied exposure to many digital assets. Analyst James Seyffart of Bloomberg Intelligence pointed out that March 2025 will be the last day for SEC clearance. Any company hoping to go public with an ETF must first go through a vital regulatory procedure called the S-1 form. The form has comprehensive details about the underlying assets, structure of the ETF, and financial situation of the issuer.

Initially featuring but not limited to Bitcoin and Ethereum, Hashdex’s multi-asset ETF aims to track a basket of digital currencies, including Solana and Cardano later on. The company’s aim in diversifying the ETF’s assets among multiple significant digital assets is to reduce the volatility connected with single-asset ETFs.

From those who are risk-averse to those who are looking for varied exposure to the digital asset market, this calculated action could draw a wider spectrum of investors. Because they provide a practical and regulated approach to exposure to different assets, ETFs have grown to be a popular financial tool.

Without direct custody of the digital assets themselves, a spot ETF tracking several digital assets would give retail and institutional investors an easily available entrance point into the crypto industry. The paperwork also emphasizes the rising market for controlled bitcoin investment products.

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BlackRock’s IBIT, the largest spot Bitcoin ETF by net asset value, led the way with a net inflow of $117.25 million, according to SoSoValue data. The fund also became the most traded Bitcoin ETF on Monday with a volume of $1.24 billion. Ark Invest and 21Shares’ ARKB followed closely with a net inflow of $117.19 million.

Fidelity’s FBTC saw $36.15 million in net inflows, and Bitwise’s BITB received $15.24 million on Monday. Funds from VanEck, Invesco, Galaxy Digital, and Franklin Templeton also reported net inflows yesterday.

Grayscale’s GBTC, along with ETFs from Valkyrie, WisdomTree, and Hashdex, experienced zero inflows on Monday.

A total of $2.26 billion was traded across US spot Bitcoin funds on Monday. The trading volume in spot Bitcoin ETFs remains lower compared to March, when volumes surpassed $8 billion on some days. However, the ETFs have accumulated a total net inflow of $16.11 billion since their launch in January.

Bitcoin recovered quickly and climbed above $64,000. The leading cryptocurrency is currently trading at $64,770 as of this writing.

BlackRock co-founder and CEO Larry Fink stated in an interview with CNBC on Monday that Bitcoin has become a “legitimate financial asset” and admitted his previous skepticism towards the cryptocurrency was misplaced.

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Sonnenshein stated, “At Grayscale, we’ve decided to focus on spot products. This is at the core of our DNA.”

Grayscale withdrew its application to establish a futures-based Ethereum ETF in the U.S. earlier this month.

The CEO mentioned that the reason behind this move was the presence of several existing products catering to futures contracts in the market. Sonnenshein emphasized, “Just because we apply for a product doesn’t mean it will be launched.”

With spot Bitcoin ETFs approved in the U.S., attention has shifted to spot Ethereum ETFs. Grayscale, along with BlackRock, VanEck, ARK Invest, Fidelity, Invesco, and Hashdex, has filed applications to establish such a fund.

However, analysts aren’t expecting the SEC, which hasn’t yet decided whether Ethereum is a security or not, to approve these anytime soon.

While not providing a definitive comment on the SEC’s stance on Ethereum, the Grayscale CEO expressed optimism that the SEC would do the right thing for investors.

The post Grayscale CEO Optimistic About Ethereum Despite ETF Setback appeared first on Coin Engineer.

On January 8th, as part of the approval process for spot Bitcoin ETFs to be listed on U.S. exchanges, asset managers submitted change requests in the S-1 form. These requests included companies such as Valkyrie, WisdomTree, BlackRock, VanEck, Invesco, Galaxy, Grayscale, ARK Invest, and 21Shares. However, the crypto asset management company Hashdex did not submit any modified form on January 8th, while on January 5th, it submitted a 19b-4 amendment form along with other companies.

This difference sparked various speculations about Hashdex’s Bitcoin ETF application. According to a January 8th tweet by Bloomberg ETF analyst James Seyffart, Hashdex’s application had a distinctive feature compared to others. Hashdex’s proposal offers an investment product in Bitcoin futures that could also include spot Bitcoin, rather than transforming an existing crypto futures ETF.

Hashdex had actually submitted its application for a spot Bitcoin ETF product to the SEC in August of the previous year. These recent developments have led to speculation about the status of Hashdex’s Bitcoin ETF application due to the company’s adoption of a different approach.

Also. All of these have named multiple Authorized participants. Some have 4 named. The firms acting as AP's for these ETFs are:

Jane Street, Virtu, JP Morgan, ABN AMRO, Macquarie, Cantor Fitzgerald, and Marex Capital.

Wonder if "In-Kind" woulda kept some of these guys out?

— James Seyffart (@JSeyff) January 8, 2024

At the time of writing, no spot Bitcoin ETF had been approved yet, but many experts recommended submitting applications to the SEC. In October, a U.S. judge ruled that the SEC’s rejection of Grayscale’s proposal was “arbitrary” and ordered a reevaluation of the application.

While the non-submission of the S-1 form suggests a potential delay in Hashdex’s Bitcoin ETF if multiple ETFs are approved, it may not change the SEC’s decision-making process for approving or rejecting ETFs. This situation could impact the status of Hashdex’s application, but a broader change in SEC policy might be needed to influence the approval or rejection of ETFs overall.

The post Reasons Why Hashdex Doesn’t Change Bitcoin ETF S-1 Form! appeared first on Coin Engineer.

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While representatives from the Division of Corporate Finance and the Division of Trading and Markets participated in other meetings held last week, a notable detail emerged in the Hashdex meeting. Samantha Ostrom, who serves in the SEC’s Office of the Chairman, met with Hashdex representatives. Ostrom is a notable name for her expertise in political consulting.

In addition to Hashdex, other representatives who attended the meeting include Tidal Financial Group, K&L Gates, and Wilson Sonsini Goodrich & Rosati. At this meeting, issuers in the process of establishing a Bitcoin ETF attempted to review their applications following the SEC’s updated requirements.

This special meeting signals a change in the SEC’s approach to Bitcoin ETF applications, beyond the general trend. In particular, the participation of the SEC Office of the Chairman in place of the previous representatives in the areas of institutional finance and trading is noteworthy.

Also, another important development in the industry is the change in Grayscale Investments‘ S-3 application following the resignation of Barry Silbert as chairman of the board. This shows that demand for Bitcoin ETFs is picking up speed towards the end of the year.

This meeting is a sign that the SEC is taking Bitcoin ETF applications seriously. The participation of the SEC Office of the Chairman suggests that the agency is considering the broader implications of approving a Bitcoin ETF. This is a positive development for the cryptocurrency community, as it suggests that the SEC is becoming more open to the idea of Bitcoin as a legitimate asset class.

It remains to be seen whether the SEC will approve a Bitcoin ETF soon. However, this meeting is a positive step forward for the cryptocurrency industry.

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It reached an agreement with crypto custodian BitGo according to an amended S-1 application, a rare discrepancy among dozens of applicants. Also, the majority signed agreements with crypto exchange Coinbase; Fidelity intends to custody itself; and VanEck chose another exchange, Gemini. The update came the day after the SEC met with representatives of several other applicants. Representatives from BlackRock, Valkyrie, Fidelity, Grayscale, and Ark met with SEC officials on Thursday, according to files.

Besides, regulators requested final amendments for applications to be made by December 29, according to Reuters. The hope that regulatory approval will be granted to the spot Bitcoin ETF in the near future has risen in recent weeks. Many applicants met with the SEC and made various amendments to their applications, indicating that they would issue their ETFs as cash creation (if approved) and showing that the SEC was open for approval by addressing other minor details.

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The deadline for the Ark 21Shares application is January 10, 2024. Any approval or rejection from the SEC must come by this date, but there are Reuters reports that a decision could be made in the first days of the new year.

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