Asset management firm Hashdex has successfully converted its futures ETF into a spot Bitcoin ETF, thereby entering the US spot Bitcoin exchange-traded fund (ETF) market.
Today, Hashdex announced its Hashdex Bitcoin Futures ETF has been renamed and converted to the Hashdex Bitcoin ETF with the ticker "DEFI."
The conversion to spot Bitcoin holdings and tracking of a new benchmark index will be effective March 27, 2024.
The newly converted fund will allocate at least 95% of its assets to spot Bitcoin, while the remainder will be allocated to CME-traded Bitcoin futures contracts and cash equivalents.
Marcelo Sampaio, co-founder and CEO of Hashdex, has stated that since the company's inception in 2018, they have believed in the immense potential of Bitcoin as a generational opportunity.