[ad_1]
On March 26, Hashdex announced that the HashDex Bitcoin Futures ETF will be renamed the HashDex Bitcoin Futures ETF and will trade under the ticker “DEFI.”
The move to convert the futures fund into a spot ETF was made in partnership with Tidal Investments LLC.
DEFI said the fund has completed a transformation in its investment strategy that allows it to hold spot Bitcoin and track the Nasdaq Bitcoin reference price.
Crowded ETF Marketplace
Hashdex has become the 11th asset manager to launch a spot Bitcoin ETF this year, entering a crowded market dominated by two giants.
BlackRock and Fidelity currently dominate the spot BTC ETF market, with both companies having $20 billion in assets under management.
New HashDex products and strategies invest at least 95% of assets in spot Bitcoin and up to 5% in CME-traded BTC futures and cash equivalents.
Hashdex Bitcoin Futures ETF was launched on the New York Stock Exchange in 2022 as the world’s first BTC futures ETF as an SEC-registered commodity pool.
“Since our founding in 2018, HashDex has strongly believed that Bitcoin is a generational opportunity,” said Marcelo Sampaio, co-founder and CEO of HashDex.
Mike Venuto, co-founder of Tidal, said: “We are excited to announce this exciting project to provide new and innovative investment solutions that will further accelerate investors’ exposure to Bitcoin and increase its adoption across the United States. I’m looking forward to the new chapter.”
Tidal Financial Group is an ETF tools and technology company with offices across the United States.
Hashdex also filed for Spot Ethereum ETFs, but the SEC deferred a decision on them. The first final deadline for the VanEck product was May 23rd, and Hashdex expects to get a decision on its application on May 30th.
Bitcoin ETF inflows increase
Daily inflows into the US Spot Bitcoin ETF are increasing again following five consecutive days of outflows as the Bitcoin market corrects.
Total inflows were small at $15.4 million, reversing the trend, but on March 26, inflows were much larger at $418 million.
Fidelity led the resurgence with $279 million in inflows from around 4,000 BTC, while BlackRock recorded $162 million in inflows into its IBIT fund.
Six of the smaller ETFs also saw ARKB receive inflows ranging from $16 million to $73 million.
Grayscale’s outflows totaled $212 million, but were not enough to offset inflows from competing funds.
[ad_2]
Source link
