Hashdex, a crypto asset management company, has entered the US spot Bitcoin exchange-traded fund (ETF) arena with its latest offering.
The firm announced on March 26 the rebranding of the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF, which will be listed under the ticker ‘DEFI.’
This transition from a futures fund to a spot ETF was conducted in collaboration with Tidal Investments LLC.
DEFI has adjusted its investment approach to now focus on holding spot Bitcoin and tracking the Nasdaq Bitcoin Reference Price, according to the announcement.
Expanding ETF Market
Entering an already bustling field, Hashdex marks itself as the eleventh asset manager to unveil a spot Bitcoin ETF this year, joining a market primarily led by giants.
Currently, BlackRock and Fidelity are the leading entities in the spot BTC ETF sector, managing $20 billion in assets collectively.
Hashdex’s newly introduced product and investment strategy commit to allocating a minimum of 95% of its assets to spot Bitcoin, with the remainder in CME Bitcoin futures and cash equivalents.
Launching on the New York Stock Exchange in 2022, the Hashdex Bitcoin Futures ETF was heralded as the first BTC futures ETF, registered as a commodity pool with the SEC.
“Hashdex has been convinced of Bitcoin’s transformative potential since our inception in 2018,” remarked Marcelo Sampaio, Hashdex co-founder and CEO.
Tidal’s co-founder, Mike Venuto, expressed enthusiasm about the venture, stating, “We’re eager to begin this new phase by offering another innovative investment solution that broadens Bitcoin exposure and fosters greater adoption throughout the U.S.”
Tidal Financial Group specializes in ETF technology and services, operating from various locations in the United States.
Hashdex is awaiting a decision on its application for a spot Ethereum ETF, with the SEC delaying rulings on such applications. The initial decision for the VanEck proposal is expected by May 23, with Hashdex’s verdict due on May 30.
Rising Bitcoin ETF Inflows
After a period of outflows, US spot Bitcoin ETFs are witnessing an uptick in daily inflows, coinciding with a recovery in Bitcoin markets.
A modest inflow of $15.4 million reversed the preceding outflow trend, with a significant increase to $418 million recorded on March 26.
Fidelity led the resurgence with an inflow of $279 million, equivalent to approximately 4,000 BTC, and BlackRock’s IBIT fund attracted $162 million.
Additionally, six smaller ETFs experienced inflows ranging between $16 million to $73 million, notably for ARKB.
Despite Grayscale experiencing outflows totaling $212 million, the overall market inflows from competing funds remained positive.