Hashdex Bitcoin ETF Begins Trading — US Now Home to 11 Spot BTC ETFs
Hashdex Bitcoin ETF, one of the 11 spot bitcoin exchange-traded funds (ETFs) approved by the U.S. Securities and Exchange Commission (SEC) in early January, has launched. The fund converted from Hashdex Bitcoin Futures ETF and is trading on the NYSE Arca exchange.
US Now Has 11 Spot Bitcoin ETFs
Hashdex Asset Management has completed converting its bitcoin futures exchange-traded fund (ETF) into a spot bitcoin ETF. The company announced Tuesday the renaming of Hashdex Bitcoin Futures ETF to Hashdex Bitcoin ETF (NYSE Arca: DEFI). The announcement details:
DEFI’s renaming corresponds to DEFI’s completion of the conversion of its investment strategy to allow the fund to provide spot bitcoin holdings and its tracking of a new benchmark index effective March 27, 2024.
Hashdex Bitcoin ETF, one of 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) on Jan. 10, did not begin trading the next day like its counterparts. The other 10 approved spot bitcoin ETFs are Blackrock’s Ishares Bitcoin Trust (IBIT), Fidelity Wise Origin Bitcoin Fund (FBTC), Ark 21shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Invesco Galaxy Bitcoin ETF (BTCO), Wisdomtree Bitcoin ETF (BTCW), Vaneck Bitcoin Trust ETF (HODL), Franklin Bitcoin ETF (EZBC), Valkyrie Bitcoin ETF (BRRR), and Grayscale Bitcoin Trust (GBTC). Grayscale converted from a bitcoin trust into a spot bitcoin ETF.
The announcement adds that Hashdex Bitcoin ETF’s new benchmark index is the Nasdaq Bitcoin Reference Price-Settlement (NQBTCS). The Hashdex Bitcoin Futures ETF launched on the NYSE in 2022 as a commodity pool registered under the Securities Act of 1933.
“Going forward and under normal market conditions, the fund’s investment policy is to maximize its holdings of physical bitcoin such that it is expected that at least 95% of the fund’s assets will be invested in spot bitcoin. Up to 5% of the Fund’s remaining assets may be invested in CME-traded bitcoin futures contracts and in cash and cash equivalents,” Hashdex explained.
For the company’s newly converted spot bitcoin ETF, Hashdex serves as its digital asset advisor, with Tidal Investments as its sponsor. Moreover, Tidal ETF Services serves as the fund’s administrator and Bitgo serves as its bitcoin custodian, the company described.
Marcelo Sampaio, Hashdex’s co-founder and CEO, commented: “Since our founding in 2018, Hashdex has strongly believed that bitcoin is a generational opportunity. This conviction has driven our continued focus on helping investors understand this transformational asset and offering products that allow for regulated participation in the blockchain ecosystem.”
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