Hashdex Asset Management and Tidal Investments Launch DEFI Bitcoin ETF
Hashdex Asset Management and Tidal Investments have announced the launch of a Bitcoin exchange traded fund (ETF) under the ticker symbol DEFI. The Hashdex Bitcoin Futures ETF has been converted to the Hashdex Bitcoin ETF (DEFI), offering exposure to spot Bitcoin holdings with a new benchmark called the Nasdaq Bitcoin Reference Price – Settlement.
Key players in this initiative include Hashdex as the digital asset advisor, Tidal as the sponsor, Tidal ETF Services as the product administrator, and BitGo as the Bitcoin custodian.
Marcelo Sampaio, co-founder and CEO of Hashdex, expressed excitement about the innovative product, stating, “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.”
Spot Bitcoin ETFs Outflows and Market Trends
This year has seen a surge in U.S. Bitcoin spot ETFs, with the BlackRock iShares Bitcoin ETF (IBIT) leading the pack after approval by the Securities and Exchange Commission (SEC). However, recent data shows that spot ETFs experienced net outflows on specific dates, with a notable net inflow on Monday.
- March 19: $326 million outflows
- March 20: $262 million outflows
- Monday: $15.7 million inflow
Bitcoin Price Surge and LSE’s ETN Announcement
Bitcoin’s price surged above $71,000 following news that the London Stock Exchange (LSE) plans to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May. This decision marks a significant step towards mainstream adoption of digital assets, with companies able to submit applications for listing their Bitcoin and Ethereum ETNs starting from April 8.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
