Tidal Investments and Hashdex Asset Management have launched their spot bitcoin exchange-traded fund (ETF) in the United States, marking a significant shift in the cryptocurrency investment landscape. Renamed from the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF (DEFI), the fund underwent changes to its structure, now focusing on providing investors with direct exposure to spot bitcoin. Starting March 27, DEFI will track a new benchmark index, dedicating at least 95% of its assets to spot bitcoin purchases. The remaining funds, up to 5%, will be allocated to bitcoin futures contracts traded on the CME and cash or cash equivalents. As of this conversion, DEFI boasts a net asset value of $11.16 million.

Marcelo Sampaio, Hashdex’s co-founder and CEO, expressed enthusiasm about the transition, highlighting its role in advancing their goal to facilitate global access to cryptocurrency innovations. This move by Tidal and Hashdex paves the way for investors seeking direct exposure to bitcoin through a regulated financial product, reflecting growing interest and confidence in cryptocurrency as a viable investment vehicle.

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