Tidal Investments LLC and Hashdex Asset Management Ltd. have announced that the Hashdex Bitcoin Futures ETF will be renamed the Hashdex Bitcoin ETF (DEFI) effective March 27, 2024.
DEFI’s new approach, which invests at least 95% of its assets in spot bitcoin, aims to optimize physical bitcoin holdings. Cash equivalents and CME traded bitcoin futures contracts can be utilized to invest up to 5% of residual assets.
This upgrade, which uses the Nasdaq Bitcoin Reference Price-Settlement (NQBTCS) as its new benchmark index, completes the strategy’s conversion to allow direct investing in spot bitcoin holdings.
Tidal is the sponsor, with Hashdex serving as the advisor for digital assets. The Fund’s Bitcoin Custodian is BitGo, and its Administrator is Tidal ETF Services LLC. After completing its conversion to a spot bitcoin ETF, the Hashdex Bitcoin ETF which was first offered as the first bitcoin futures ETF in history in 2022—now offers investors exposure to spot pricing through a well-known product.
Marcelo Sampaio, Hashdex co-founder and CEO, commented, “We’re excited to deliver an innovative product that furthers our mission of empowering individuals and institutions to access this revolutionary innovation.”
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