Hashdex, an asset manager, has officially entered the spot Bitcoin exchange-traded fund (ETF) market in the United States by completing the conversion of its futures ETF to hold spot Bitcoin. The renamed Hashdex Bitcoin ETF, now with the ticker “DEFI,” will primarily invest at least 95% of its assets into spot Bitcoin, with a small portion allocated to CME-traded Bitcoin futures contracts and cash equivalents.
The renaming of the Hashdex Bitcoin Futures ETF to Hashdex Bitcoin ETF signifies the completion of the conversion process, allowing the fund to hold spot Bitcoin and track a new benchmark index. Hashdex aims to make digital assets accessible to all investors, regardless of their level of conviction in Bitcoin.
Marcelo Sampaio, co-founder and CEO of Hashdex, emphasizes Bitcoin as a generational opportunity, expressing excitement about inviting investors to join their long-term journey. Samir Kerbage, Hashdex’s chief investment officer, encourages investors to consider allocating to Bitcoin, highlighting the accessibility of digital assets.
Hashdex’s entry into the spot Bitcoin ETF market comes after joining the race for approval in August 2023. Unlike other ETFs relying on Coinbase surveillance sharing agreements, Hashdex’s fund acquires spot Bitcoin from physical exchanges within the CME market. Despite entering a competitive market, Hashdex aims to differentiate itself by offering spot Bitcoin ETFs with a management fee of 0.90% per year, positioning itself competitively compared to other ETF issuers.
The spot Bitcoin ETF market has witnessed significant inflows, with Hashdex joining the fray as cumulative inflows approach $25.5 billion. Hashdex’s management fee of 0.90% per year sits higher than the industry average but remains competitive compared to the 1.5% annual fee charged by the Grayscale Bitcoin Trust (GBTC).
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