Hero's Image

Grayscale “win” over SEC, Bitcoin ETF delayed and X’s payment license

The Hash Insider

Although Bitcoin briefly surged above the $28,000 mark on Tuesday following the news of Grayscale's victory against the SEC, the market lost most of those gains by Thursday with the SEC delaying announcements for all new ETF applications in the US. The Nasdaq Crypto Index (NCI) was down 0.8% over the last week of August with Bitcoin (BTC) correcting 0.6% and Ether (ETH) falling 1.0%. Although August marked the third red month for crypto in 2023, the NCI is still up 50% year-to-date.


Grayscale wins SEC lawsuit for Bitcoin ETF review

The District of Columbia Circuit Court of Appeals has reversed the SEC's decision to reject a review of Grayscale's application for a spot bitcoin ETF. The court argued that the SEC's reasoning "lacked the necessary level of thoughtful consideration." This ruling doesn't compel the SEC to approve the application, but it mandates a reevaluation without using the same grounds for denial.


SEC Delays Spot Bitcoin ETF Decision for All Applicants Including BlackRock, Fidelity

The SEC has extended its decision-making timeline by 45 days for the proposed spot bitcoin ETFs from BlackRock, Fidelity, Bitwise, VanEck, Valkyrie, Invesco/Galaxy, and WisdomTree. While the SEC has postponed its decision, analysts are growing optimistic that the SEC's resistance may not last much longer.


Elon Musk's X Has Licenses in Multiple U.S. States to Process Payments, Including Crypto

X, formerly known as Twitter, obtained a currency transmitter license  to allow for crypto related services in the State of Rhode Island. This piece of news confirms the ongoing trend of crypto integration into traditional services, easing the use of crypto as a means of payment by the 60+ million users of X in the US.


From Hashdex’s CIO: “Hello old friend: Volatility returns (and some thoughts on the Grayscale news)”

Our CIO Samir Kerbage discusses the recent sharp drop in Bitcoin's price and its return to volatility after the court decision regarding Grayscale's bitcoin ETF filing. Samir comments on how low volatility periods historically yield higher one-year returns for investors and Bitcoin's growing influence and its potential as a long-term investment.



This material expresses Hashdex Asset Management Ltd. and its subsidiaries and affiliates (“Hashdex”)'s opinion for informational purposes only and does not consider the investment objectives, financial situation or individual needs of one or a particular group of investors. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing their funds. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction. No part of this material may be (i) copied, photocopied or duplicated in any form by any means or (ii) redistributed without the prior written consent of Hashdex. By receiving or reviewing this material, you agree that this material is confidential intellectual property of Hashdex and that you will not directly or indirectly copy, modify, recast, publish or redistribute this material and the information therein, in whole or in part, or otherwise make any commercial use of this material without Hashdex’s prior written consent. 

Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicles will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex s investment methodology or that investing any of the protocols or tokens listed in the Information may be considered “conservative,” “safe,” “risk free,” or “risk averse.”

Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex, and Hashdex does not assume responsibility for the accuracy of such information. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue”  “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or digital tokens may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission or any other governmental or self-regulatory authority. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein


Logo Hashdex
The material contained on this website is for informational purposes only and Hashdex, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as investment advice nor is it to be construed as recommendation, offer or solicitation to buy or sell any financial instrument or product or to adopt any investment strategy. Further, the material contained on this website does not constitute a representation that the financial instruments described therein are suitable or appropriate for any person. Past performance is not an indication of any future performance. This website may contain advertising of financial products.