Asset manager Hashdex is officially joining the spot Bitcoin (BTC) exchange-traded fund (ETF) market in the United States after completing the conversion of its futures ETF to hold spot Bitcoin.
In a March 26 announcement, Hashdex said it has renamed and converted its Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF with the ticker DEFI.
DEFIs renaming corresponds to DEFIs 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, it said.
The newly converted fund will invest at least 95% of its assets into spot Bitcoin, while up to 5% of the remaining assets will go into CME-traded Bitcoin futures contracts and cash and cash equivalents, according to the firm.
Since our founding in 2018, Hashdex has strongly believed that Bitcoin is a generational opportunity," said Hashdex co-founder and CEO Marcelo Sampaio.
Were excited to invite all investors whether it be those who already have full conviction in Bitcoin, those who are considering an allocation for the first time, or anyone in between to join us in our long-term journey of making digital assets accessible, added Samir Kerbage, Hashdexs chief investment officer.
Related:SEC pushes Hashdex, ARK 21Shares Ether ETFs as approval hope dwindles
Founded in 2018, Hashdex first joined the U.S. race for an approved spot in Bitcoin ETF in August 2023. Unlike others that depend on a Coinbase surveillance sharing agreement, Hashdexs fund acquires spot Bitcoin from physical exchanges within the CME market.
Hashdex is already several months lateto a competitive spot Bitcoin ETF market. According to data from Farside Investors, spot Bitcoin ETF cumulative inflow excluding Grayscales ETF is now at nearly $25.5 billion, though 80% of that figure is made up by BlackRock and Fidelitys ETFs.
A prospectus filed by Hashdex indicates its ETF charges a 0.90% a year management fee, which would sit on the higher end of fees charged by ETF issuers which average around 0.30%, but still under the 1.5% a year fee charged by the Grayscale Bitcoin Trust (GBTC).
Magazine:5 dangers to beware when apeing into Solana memecoins
Go here to see the original:
Hashdex's new spot Bitcoin ETF to begin US trading on Wednesday - Cointelegraph
Recommendation and review posted by G. Smith
