Tidal, Hashdex Announce Trading of Spot Bitcoin ETF

Tidal Investments and Hashdex Asset Management have announced the trading of their spot Bitcoin exchange-traded fund (ETF) in the U.S. following the renaming of the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF (DEFI).

According to their joint statement, the renaming of the ETF, now identified by the ticker symbol “DEFI,” aligns with its strategic shift to focus on spot Bitcoin holdings and its tracking of a new benchmark index, effective from March 27, 2024.

The Hashdex Bitcoin ETF is designed to allocate at least 95% of its assets to spot Bitcoin, while the remaining 5% may be invested in CME-traded Bitcoin futures contracts and cash equivalents. As of March 27, the fund’s total net assets stood at $11.16 million, as reported on Hashdex’s website.

$DEFI finally and officially makes it to the starting gate. Spot Bitcoin ETF #11. The getting is so good right now i could see this one getting some bites (if the fee is competitive) despite being so late. https://t.co/iEZL5fSiGT

— Eric Balchunas (@EricBalchunas) March 26, 2024

Marcelo Sampaio, Co-Founder and CEO of Hashdex, expressed enthusiasm about completing the conversion, emphasizing their mission to empower individuals and institutions globally to access this groundbreaking innovation. Bloomberg Senior ETF Analyst Eric Balchunas also weighed in, noting that DEFI’s entry into the market is significant despite its late arrival.

In summary, the Hashdex Bitcoin ETF (DEFI) represents an exciting opportunity for investors seeking exposure to spot Bitcoin, and its launch has generated considerable interest in the financial community.