The competition among Bitcoin (BTC) spot ETFs is now complete with the arrival of a fund managed by Hashdex Company.
Of all the funds approved in the United States last January, Hashdex is the last to actIt started today, March 27.
one in releaseHashdex announced Change the Name of Your Bitcoin Futures ETF Fund to Hashdex Bitcoin ETF Under DEFI ticker.
The company says this amendment is part of a change in investment strategies to allow the fund to offer spot holdings of Bitcoin.
“The Fund’s investment policy is designed to maximize its Bitcoin holdings, with at least 95% of the Fund’s assets earmarked for investment in spot BTC. The remaining 5% can be invested in cash and cash equivalents in BTC futures contracts traded on the Chicago Mercantile Exchange (CME).
Hashdex, investment and asset management company.
The ETF was launched by Hashdex in partnership with Tidal, the company acting as the sponsor of the fund and in the role of “digital asset advisor”. BitGo assumes custody of Bitcoin,
DEFI This is one of the few Bitcoin spot ETFs that does not use Coinbase as a custodian, The exchange, which now handles 90% of digital asset custody of many of these funds, entered the ETF game in June 2023 to address the fund’s regulatory challenges with the United States Securities and Exchange Commission (SEC).
Eric Balchunas, ETF expert at Bloomberg Intelligence, commented About DEFI, Despite being late, it was able to capture a share of the marketHowever this “will only happen if management fees are competitive.”
Hashdex has set a 0.90% rate, The second-largest among ETFs, behind only the Grayscale fund whose fee is 1.5%, a factor that has caused large capital outflows since its launch, as reported by CryptoNoticias.
In this way, Hashdex joins the competition with funds such as BlackRock (IBIT) and Fidelity (FBTC), which have accumulated significant inflows and have established themselves as the stock market asset with the largest holdings in the first 50 days of trading. Installed in.
