Latest Crypto Fund Takes US One Step Closer to Spot Bitcoin ETF

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.

That detail matters to industry watchers because the 1940 law has been the preferred format for Securities and Exchange Commission Chair Gary Gensler, who has cited its greater investor protections. Since a physically backed ...