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New Crypto Fund Takes US a Step Closer to Spot Bitcoin ETF

  • DEFI is filed under a 1933 act, not the typical 1940 law
  • It launches at a volatile time in the crypto universe
Bitcoins As Cryptocurrency Halts Decline After Drubbing on China's Offerings Ban
Photographer: Chris Ratcliffe/Bloomberg

Holdouts for a physically backed US Bitcoin exchange-traded fund saw a glimmer of hope on Thursday with the launch of a new futures-backed product. 

The Hashdex Bitcoin Futures ETF (ticker DEFI), developed with Teucrium, began trading on Thursday, according to a statement. Unlike existing derivatives-backed crypto ETFs, DEFI was filed under the Securities Act of 1933, rather than the Investment Company Act of 1940.