Hashdex Enters Spot Bitcoin ETF Race: Can It Triumph as the Latecomer?

Asset manager Hashdex has officially converted its futures ETF to hold spot Bitcoin, making it the eleventh spot Bitcoin ETF in the United States. Effective March 27, 2024, Hashdex Bitcoin Futures ETF will be renamed to Hashdex Bitcoin ETF with the ticker "DEFI." The fund will invest 95% of its assets into spot Bitcoin, with the option of allocating 5% into CME-traded Bitcoin futures contracts, cash, and cash equivalents.

Hashdex Joins the Spot Bitcoin ETF Race: Will It Be a Winner?

After the successful conversion of its futures ETF to hold spot Bitcoin, Hashdex has officially entered the US spot Bitcoin exchange-traded fund (ETF) market.

Hashdex Renames and Converts ETF

Hashdex announced the renaming and conversion of its Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF, under the ticker "DEFI." This move allows the fund to provide direct exposure to spot Bitcoin and track a new benchmark index effective March 27, 2024.

Spot ETF: A Latecomer with Potential

As the eleventh spot Bitcoin ETF to hit the market, DEFI may still have a shot at success, especially if it offers competitive fees. Despite its late entry, the fund's strong investment strategy could attract investors.

Invest in Spot Bitcoin, But with Flexibility

The converted fund will allocate at least 95% of its assets to spot Bitcoin. The remaining 5% may be invested in CME-traded Bitcoin futures contracts, cash, and cash equivalents. This approach provides flexibility while maintaining a strong focus on direct Bitcoin exposure.

Hashdex's Crypto Mission

Hashdex co-founder and CEO Marcelo Sampaio emphasized the company's belief in Bitcoin as a transformative asset. "Since our inception in 2018, we've been ardent believers in Bitcoin's generational potential," he said.

Accessible Digital Assets

Hashdex's chief investment officer, Samir Kerbage, highlighted the ETF's goal of making digital assets accessible to investors. "We welcome all investors, from those who are fully invested in Bitcoin to those who are considering an allocation for the first time, to join us on our journey of unlocking the value of digital assets," Kerbage stated.