Hashdex Bitcoin ETF Renamed to DEFI: What You Need to Know
If you’re a crypto enthusiast, you’ll be interested to know that Hashdex recently made an exciting announcement. The Hashdex Bitcoin Futures ETF has been rebranded as the Hashdex Bitcoin ETF, trading under the ticker ‘DEFI.’
This change comes as a result of the fund’s partnership with Tidal Investments LLC, marking a significant shift in investment strategy.
With the conversion now complete, the Hashdex Bitcoin ETF will hold spot Bitcoin and track the Nasdaq Bitcoin Reference Price, offering investors a new way to participate in the crypto market.
The Growing Lineup of Bitcoin ETFs
Hashdex’s move places them as the eleventh asset manager this year to launch a spot Bitcoin ETF, entering a competitive marketplace where BlackRock and Fidelity hold significant dominance.
- BlackRock and Fidelity currently have a combined $20 billion in assets under management within the spot BTC ETF market.
Investment Strategy and Product Details
The revamped Hashdex Bitcoin ETF will allocate at least 95% of its assets to spot Bitcoin, with a maximum of 5% in CME-traded BTC futures and cash equivalents.
- The original Hashdex Bitcoin Futures ETF debuted on the New York Stock Exchange in 2022 as the world’s first BTC futures ETF, registered by the SEC as a commodity pool.
“Bitcoin is a generational opportunity,” said Marcelo Sampaio, CEO of Hashdex. “We are excited to bring this innovative investment solution to the market and invite more investors to access Bitcoin exposure in the U.S.,” added Mike Venuto, Co-founder of Tidal.
Tidal Financial Group, a leader in ETF technology, joins forces with Hashdex to enhance investor access to Bitcoin through this new product launch.
Upcoming SEC Decisions and Future Plans
Although Hashdex has applied for a spot Ethereum ETF, the SEC has deferred decisions on these products. The first deadline for the VanEck product is on May 23, with Hashdex awaiting a decision on its application by May 30.
Increasing Inflows to Bitcoin ETFs
Recent data shows that daily inflows to US spot Bitcoin ETFs are on the rise following a period of outflows during a market correction.
- March 26 saw a substantial inflow of $418 million, with Fidelity leading the pack with $279 million and BlackRock following with $162 million for its IBIT fund.
Hot Take: The Future of Bitcoin ETFs 🚀
As the Hashdex Bitcoin ETF undergoes a transformation and inflows into Bitcoin ETFs surge, the crypto investment landscape is evolving rapidly. Stay tuned for more updates on ETF developments and seize the opportunity to diversify your portfolio with these innovative investment vehicles.
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