Tidal, Hashdex announce trading of spot bitcoin ETF upon completion of fund conversion

Tidal Investments and Hashdex Asset Management on Tuesday announced the trading of their spot bitcoin exchange-traded fund (ETF) in the U.S. after renaming the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF (DEFI).

The pair said in a statement that the renaming of the ETF — with “DEFI” as its ticker symbol — corresponds to its conversion to allow the ETF to provide spot bitcoin holdings and track a new benchmark index effective March 27.

The ETF is expected to invest at least 95% of the fund’s assets in spot bitcoin, with up to 5% of its remaining assets set to be invested in CME-traded bitcoin futures contracts and in cash or cash equivalents. The volume of the fund’s total net assets stood at $11.16 million as of March 27, according to Hashdex’s website.

“We are thrilled to complete the conversion of DEFI, and with it deliver an innovative product in coordination with Tidal that furthers our mission of empowering individuals and institutions around the world to access this revolutionary innovation,” Marcelo Sampaio, co-founder and chief executive officer of Hashdex, said in the statement.

Bloomberg Senior ETF Analyst Eric Balchunas wrote on social media platform X that DEFI “finally and officially makes it to the starting gate.”

“Spot Bitcoin ETF #11. The getting is so good right now I could see this one getting some bites (if the fee is competitive) despite being so late,” Balchunas added.