Bittime - Hashdex's new spot Bitcoin ETF will begin trading in the US on Wednesday
Hashdex would be the 11th entrant in the competitive Bitcoin ETF race in the US dominated by BlackRock and Fidelity.
Asset manager Hashdex has officially joined the Bitcoin (BTC) exchange-traded fund (ETF) market in the United States after completing the conversion of a futures ETF to hold spot Bitcoin .
Hashdex officially joined the Bitcoin exchange-traded fund (ETF) market in the United States after completing the conversion of a futures ETF to hold spot Bitcoin.
Convert Hashdex to Bitcoin Spot ETF
In an announcement on March 26, Hashdex announced that it had rebranded and converted the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF with the ticker "DEFI".
"The renaming to DEFI is consistent with DEFI's completion of an investment strategy conversion to enable the Fund to own Bitcoin spot and track a new index effective March 27, 2024," the company said.
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Hashdex Investment Strategy
The newly converted fund will invest at least 95% of its assets in spot Bitcoin, while up to 5% of the remaining assets will be put into Bitcoin futures contracts traded on the CME as well as cash and cash equivalents, according to the company.
"Since its founding in 2018, Hashdex has been a firm believer that Bitcoin is a generational opportunity," said Hashdex co-founder and CEO Marcelo Sampaio.
"We are excited to invite all investors – whether they already have full confidence in Bitcoin, are considering an allocation for the first time, or anyone in between – to join us on our long-term journey to make the digital asset accessible," added Samir Kerbage , chief investment officer of Hashdex.
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Challenges and Opportunities in the Bitcoin ETF Market
Founded in 2018, Hashdex first joined the US race to get an approved spot in a Bitcoin ETF in August 2023.
Hashdex is months late in entering the competitive Bitcoin ETF market. According to data from Farside Investors, cumulative spot Bitcoin ETF inflows - excluding Grayscale ETFs - now stand at nearly $25.5 billion, although 80% of that figure consists of BlackRock and Fidelity ETFs.
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The prospectus filed by Hashdex indicates that their ETF charges a management fee of 0.90% per year, which is the highest fee charged by an ETF issuer which averages around 0.30%, but still below the 1.5% per year fee charged by the Grayscale Bitcoin Trust (GBTC).
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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.
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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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