Tidal Financial Group and crypto asset management manager Hashdex have announced trading of their spot Bitcoin ETF (DEFI) in the U.S. starting today. The Hashdex Bitcoin ETF joined the party late but grabbed major interest from investors even before the trading day.
Tidal and Hashdex’s spot Bitcoin ETF will start trading in the U.S. on March 27, as per an announcement by the companies. Tidal Investments LLC and Hashdex Asset Management renamed the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF.
Hasdex Bitcoin ETF has retained the ticker “DEFI” after the successful conversion to hold spot Bitcoin. The companies said it reflects DEFI’s completion of the conversion of its investment strategy to allow the Bitcoin ETF to provide spot bitcoin holdings and its tracking of a new benchmark index. DEFI will track the Nasdaq Bitcoin Reference Price – Settlement (NQBTCS).
It will invest at least 95% of the fund’s assets in spot bitcoin and up to 5% of the remaining assets in CME-traded bitcoin futures contracts and in cash and cash equivalents.
“Since our founding in 2018, Hashdex has strongly believed that bitcoin is a generational opportunity. This conviction has driven our continued focus on helping investors understand this transformational asset and offering products that allow for regulated participation in the blockchain ecosystem,” said Marcelo Sampaio, Co-Founder and CEO of Hashdex.
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Bloomberg senior ETF analyst Eric Balchunas welcomed the Hashdex Bitcoin ETF, becoming the 11th spot Bitcoin ETF. He said the Hashdex Bitcoin ETF can grab some major inflows if the fees is competitive, despite competition against giants BlackRock and Fidelity.
James Seyffart, ETF analyst at Bloomberg, also congratulated Tidal and Hashdex for officially making DEFI a spot Bitcoin ETF.
Jim Bianco and Nate Geraci also reacted to the Hashdex spot Bitcoin ETF. Bianco added that the DEFI ticker is well suited for an Ether ETF. Geraci said he expected Hashdex DEFI ETF to come first to the market, but agrees that the fund will have more attention due to crypto native firms.
Meanwhile, spot Bitcoin ETF net inflow was $418 million on Tuesday, the second-straight day of positive flow after outflows for days. Fidelity’s ETF FBTC recorded the highest single-day net inflow, totaling approximately $279 million. This is the second time this week that Fidelity has managed to outpace BlackRock in daily inflows.
DEFI is trading nearly 2% up after market hours, as per data by Yahoo Finance. It indicates the spot Bitcoin ETF could witness huge inflows.
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