Multiple asset managers filed S-1 form amendments on Jan. 8 as part of the process to receive approval for listing shares of a spot Bitcoin ( BTC ) exchange-traded fund on United States-based exchanges. Notably, of the many firms that applied, crypto asset management company Hashdex didn’t issue an amended form in the early morning filings. 

On Jan. 8, asset management firms including Valkyrie, WisdomTree, BlackRock, VanEck, Invesco and Galaxy, Grayscale and ARK Invest and 21Shares filed their amended S-1 forms with the U.S. Securities and Exchange Commission (SEC), a key move toward potential approval of a spot BTC ETF. While Hashdex filed a 19b-4 amendment form alongside the aforementioned firms on Jan. 5, it was not included in the Jan. 8 filing round, leading to speculation about the status of its spot Bitcoin investment vehicle.

According to a Jan. 8 X (formerly Twitter) post from Bloomberg ETF analyst Jeff Seyffart, Hashdex’s Bitcoin ETF application differed from those of other firms in that it was applying to convert an existing crypto futures ETF. Hashdex submitted its application to the SEC in August, proposing a Bitcoin futures investment vehicle that could also hold spot Bitcoin.

Also, as others have pointed out there is no update here from @hashdex yet. But they are different from the rest of the pack solely because they're the only product on this list that is already operating as an ETF. So I'm not gonna read too much into that yet.

— James Seyffart (@JSeyff) January 8, 2024

Related: Gary Gensler issues warning on crypto ahead of potential spot Bitcoin ETF approval

Spot Bitcoin ETF approval is not guaranteed for any asset manager at the time of publication, but many experts have suggested SEC filings, and prior legal actions could be a positive sign toward the commission giving the investment vehicle the green light for the first time. In October, a judge ordered the SEC to revisit a spot Bitcoin ETF application from Grayscale Investments after ruling its decision to reject the offering was “arbitrary and capricious.”

While the lack of an amended S-1 form may suggest a delay in Hashdex’s Bitcoin ETF should the SEC move forward with multiple approvals this week, it may not change the reasons for approving or denying the ETF. The asset manager launched a media campaign promoting Bitcoin on Dec. 28, following a similar ad spot from Bitwise.

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