Defiance has submitted an application for a new Bitcoin Basis Market Neutral ETF.

Bloomberg ETF analyst Eric Balchunas posted on the X platform that Defiance has submitted an application for a new Bitcoin Basis Market Neutral ETF, aiming to provide investors with a "hedge fund basis trade" strategy. This strategy captures the premium by going long on IBIT (BlackRock's Bitcoin ETF) and shorting Bitcoin futures. They have also submitted an Ethereum version of the product, ticker symbol DETH.