Key Takeaways
- Hashdex converts its futures ETF to a spot Bitcoin ETF, trading under the ticker 'DEFI.'
- The newly converted ETF will invest at least 95% of its assets in spot Bitcoin.
- Hashdex faces competition in a market dominated by BlackRock and Fidelity.
Hashdex is stepping into the competitive U.S. spot Bitcoin ETF market with its newly converted Hashdex Bitcoin ETF.
The ETF, now trading under the ticker “DEFI,” will primarily invest in spot Bitcoin, with a small portion in Bitcoin futures and cash equivalents.
Strategic shift in investment
The conversion from a futures ETF to a spot Bitcoin ETF aligns with Hashdex’s belief in Bitcoin’s potential.
The firm aims to attract a wide range of investors, from Bitcoin enthusiasts to newcomers, with its investment strategy focusing on spot Bitcoin holdings.
Competing in a crowded market
Despite being a late entrant, Hashdex is determined to carve out its space in the spot Bitcoin ETF arena.
Hashdex’s ETF prospectus reveals a 0.90% annual management fee, above the average 0.30% for the other spot Bitcoin ETFs but below Grayscale Bitcoin Trust’s 1.5% fee.
