A little-known Brazilian asset manager has come up with a novel solution that might see it elbow in front of much larger rivals such as BlackRock and Ark to gain approval for the first US spot bitcoin exchange traded fund.
Hashdex’s move attempts to assuage the Securities and Exchange Commission’s concerns around the risk of manipulation in the spot bitcoin market.
While rival applicants such as BlackRock are proposing to establish a “surveillance-sharing agreement” with cryptocurrency exchange Coinbase to detect any potential fraud, Hashdex instead says that the calculation of its ETF’s net asset value would be derived from the CME market’s bitcoin futures curve.
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