Hashdex Announces Launch of Spot Bitcoin ETF, Joining the ETF Race

Hashdex, a prominent asset manager, prepares to launch its Hashdex Bitcoin ETF (DEFI) in the US market. This follows the successful conversion of its futures ETF to hold spot Bitcoin. DEFI will primarily invest 95% of its assets in spot Bitcoin, with the remaining 5% in Bitcoin futures contracts, cash, and cash equivalents. Hashdex's unique approach, acquiring spot Bitcoin from physical exchanges within the CME market, sets it apart from other ETFs in the competitive spot Bitcoin ETF landscape.

Hashdex Unveils Spot Bitcoin ETF, Marking Entry into Competitive Landscape

Leading asset manager Hashdex is poised to launch its much-anticipated Hashdex Bitcoin ETF in the United States, signaling its foray into the burgeoning spot Bitcoin ETF space. This move is the culmination of Hashdex's successful conversion of its futures ETF to hold spot Bitcoin. The ETF will commence trading under the ticker symbol "DEFI."

Rebranding and Conversion

The rebranding of the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF, or DEFI, marks the culmination of the fund's strategic shift. DEFI will now predominantly invest at least 95% of its assets in spot Bitcoin, while the remaining 5% will be allocated to CME-traded Bitcoin futures contracts, cash, and cash equivalents. This new investment strategy will take effect on March 27, 2024.

Inviting Investors

Marcelo Sampaio, Hashdex's co-founder and CEO, emphasized the firm's long-held belief in Bitcoin as a generation-defining opportunity. Samir Kerbage, Hashdex's chief investment officer, extended an invitation to investors of all backgrounds to participate in the burgeoning digital asset landscape.

Differentiated Approach

In contrast to other ETFs that rely on surveillance-sharing agreements with Coinbase, Hashdex's fund procures spot Bitcoin from physical exchanges within the CME market. This approach distinguishes Hashdex and underscores its unwavering commitment to innovation in the digital asset space.

Late Entry, Substantial Potential

Despite entering the market after several competitors, Hashdex's robust investment thesis and unique approach position it as a formidable contender in the spot Bitcoin ETF space. Data compiled by Farside Investors reveals that excluding Grayscale's ETF, cumulative inflows to spot Bitcoin ETFs have been significant, reflecting the growing appetite for digital assets among investors.

Industry Perspectives

Eric Balchunas, an ETF industry expert, anticipates that DEFI could garner substantial traction, particularly if its fee structure proves competitive. Nate Geraci, another industry observer, acknowledges that while Hashdex's entry into the market was delayed, its status as a crypto-native fund could pave the way for its success.

Hashdex's launch of its spot Bitcoin ETF marks a significant milestone in the evolution of the digital asset ecosystem. The ETF's unique approach, coupled with the firm's proven expertise in the cryptocurrency space, positions it as a potential game-changer in the competitive spot Bitcoin ETF landscape.