Tidal Investments LLC and Hashdex Asset Management Ltd. have announced the renaming of the Hashdex Bitcoin Futures ETF to the Hashdex Bitcoin ETF (DEFI) effective March 27, 2024.
This change corresponds to the completion of the conversion of its investment strategy to allow direct investment in spot bitcoin holdings, tracking the Nasdaq Bitcoin Reference Price-Settlement (NQBTCS) as its new benchmark index.
Under its new strategy, DEFI aims to maximize holdings of physical bitcoin, with at least 95% of its assets invested in spot bitcoin. Up to 5% of remaining assets may be invested in CME-traded bitcoin futures contracts and cash equivalents.
Hashdex serves as the digital asset advisor, and Tidal is the sponsor. Tidal ETF Services LLC is the Fund’s Administrator, and BitGo serves as its Bitcoin Custodian. The Hashdex Bitcoin ETF, launched in 2022 as the world’s first bitcoin futures ETF, has completed its transition to a spot bitcoin ETF, offering investors exposure to spot pricing through an established product.
“We’re excited to deliver an innovative product that furthers our mission of empowering individuals and institutions to access this revolutionary innovation,” said Marcelo Sampaio, Co-Founder and CEO of Hashdex.
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