Hashdex Asset Management and Tidal Investments spot Bitcoin exchange traded fund (ETF) will begin trading later today in the U.S. under the ticker symbol DEFI.

In an announcement, the firms said the Hashdex Bitcoin Futures ETF has been converted to the Hashdex Bitcoin ETF (DEFI). The ETFs new investment strategy will allow the fund to provide exposure to spot Bitcoin holdings to the investor and has a new benchmark called the Nasdaq Bitcoin Reference Price – Settlement.

Hashdex is the digital asset advisor for the DEFI ETF, Tidal is the sponsor, Tidal ETF Services is the product administrator and BitGo is the Bitcoin custodian.

“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,” said Marcelo Sampaio, co-founder and CEO of Hashdex, in a press release.

Spot Bitcoin ETFs See Outflows

This year U.S. Bitcoin spot ETFs gained momentum causing a huge trading frenzy after being approved by the Securities and Exchange Commission (SEC). The BlackRock iShares Bitcoin ETF trading under the ticker symbol IBIT has been leading the pack.

Spot ETFs experienced net outflows on March 19 and March 20, with $326 million and $262 million leaving the funds, respectively. On Monday, data from SoSo Value, showed spot ETFs saw a net inflow of $15.7 million.

Bitcoin Rallies as LSE Announces ETN Debut 

The price of Bitcoin has surged above the $71,000 mark on Tuesday following news that the London Stock Exchange plans to introduce Exchange-Traded Notes (ETNs) for BTC and ETH in May. The decision follows the exchange’s previous announcement that it would accept applications for crypto ETNs during the second quarter of this year, reports Ruholamin Haqshanas from Cryptonews. 

According to the notice released by the LSE, companies interested in listing their Bitcoin and Ethereum ETNs on the new market can begin submitting their applications starting from April 8, marking a significant step forward for the mainstream adoption of digital assets. 

The post Hashdex, Tidal’s Spot Bitcoin ETF to Begin Trading Today appeared first on Cryptonews.