Bittime - Good news for crypto investors in the United States! Tidal Investments and Hashdex Asset Management have just announced the presenceof the country's first spot Bitcoin Exchange-Traded Fund (ETF) .
Previously, the ETF offered by these two companies was called Hashdex Bitcoin Futures ETF. Through the conversion process, the ETF has now changed its name to Hashdex Bitcoin ETF (DEFI) and has started trading on the United States stock exchange.
Name Change Signals Conversion to Spot Bitcoin
The ETF's name change to "DEFI" is not just a ticker symbol adjustment. This signals the fundamental conversion of futures ETFs to spot ETFs.
Thus, DEFI will allow investors to have direct ownership of spot Bitcoin and track a new benchmark index that comes into effect on March 27, 2024.
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DEFI Asset Composition
It is estimated that at least 95% of DEFI assets will be invested directly into spot Bitcoin. Meanwhile, the remaining 5% is allocated to Bitcoin futures contracts traded on CME Group, as well as cash or cash equivalents.
Also Read: Pros and Cons of Investing in Bitcoin ETFs
Response from Hashdex
Marcelo Sampaio, co-founder and CEO of Hashdex, welcomed the DEFI conversion. He expressed Hashdex's excitement in partnering with Tidal to deliver an innovative product that aligns with their mission, which is to make Bitcoin accessible to individuals and institutions around the world.
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DEFI Potential
According to Hashdex website data, DEFI's total net assets as of March 27, 2024 reached $11.16 million. Bloomberg ETF senior analyst Eric Balchunas sees the presence of DEFI as a good start. He predicts that DEFI can attract investor interest even though this ETF appears later than other similar products, as long as the fees charged are competitive.
The launch of DEFI is a milestone for crypto investors in the United States. Now, they have the option to invest directly in Bitcoin via a regulated ETF. The presence of DEFI is also predicted to enliven the crypto ETF market in the United States.
Investors interested in DEFI need to pay attention to further information regarding management fees and its performance compared to other Bitcoin investment products.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Potential Impact of Bitcoin ETF Approval
Buy Bitcoin vs Spot Bitcoin ETF, Which is More Profitable?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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