Key Points
- Tidal Investments and Hashdex Asset Management have launched their spot bitcoin ETF in the U.S.
- The ETF will invest at least 95% of its assets in spot bitcoin, with the remainder in bitcoin futures contracts and cash equivalents.
Tidal Investments and Hashdex Asset Management have announced the launch of their spot Bitcoin exchange-traded fund (ETF) in the U.S. This follows the renaming and conversion of the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF (DEFI).
Conversion and Launch Details
The renaming of the ETF to "DEFI" marks its transition to a fund that offers spot bitcoin holdings and tracks a new benchmark index as of March 27. The ETF is designed to invest a minimum of 95% of its assets in spot bitcoin. The remaining assets, up to 5%, will be invested in CME-traded bitcoin futures contracts and in cash or cash equivalents.
As of March 27, the total net assets of the fund stood at $11.16 million, according to data from Hashdex. Marcelo Sampaio, co-founder and CEO of Hashdex, expressed his excitement about the conversion of DEFI. He highlighted that the new product, developed in collaboration with Tidal, aligns with their mission of empowering global access to this innovative technology.
Industry Reaction
Eric Balchunas, a senior ETF analyst at Bloomberg, shared his thoughts on social media. He noted that DEFI has officially made it to the starting line. He speculated that, despite its late entry, DEFI could attract investors if it offers competitive fees.
