Hashdex to shut smallest Bitcoin ETF after more than two years

cointelegraphPublished on 2026-08-03Last updated on 2026-08-03

Abstract

Hashdex announced it will liquidate its spot-price Bitcoin ETF (ticker: DEFI) and distribute cash to shareholders, selling its approximately 225 BTC holdings. The issuer cited trading liquidity, operating costs, and investor interest for the closure. Launched in March 2024, the fund had net assets of $14.25 million. Analysts initially saw potential despite its late entry compared to other competing Bitcoin ETFs, with Bloomberg's Eric Balchunas noting possible interest if fees were competitive. Originally a futures ETF launched in 2022, the fund peaked at $17.54 million in assets in May 2025. WisdomTree Bitcoin Trust (BTCW), the next smallest among US-traded BTC ETFs, holds $140.37 million.

Hashdex said it will liquidate its eponymous spot-price Bitcoin exchange-traded fund this month, distributing the cash to all remaining shareholders and selling the fund’s roughly 225 BTC holdings.

In a filing on Monday, the fund issuer said the decision was made after evaluating factors including trading liquidity, operating costs and investor interest. The 200,000 shares, which have traded on NYSE ARCA under the DEFI ticker since March 2024, have net assets of $14.25 million, according to the fund’s website.

Late to the game, which saw the first of 10 other competing BTC ETFs debut months ahead of it, analysts saw opportunity at a time when BTC was trading for the then-all-time high of more than $73,000.

“The getting is so good right now I could see this one getting some bites (if the fee is competitive) despite being so late,” said Bloomberg Senior ETF analyst Eric Balchunas in a March 27, 2024 post.

Originally launched in 2022 as a Bitcoin futures ETF, Hashdex Bitcoin Futures ETF, its highest asset level was $17.54 million, reached on May 9, 2025, according to data tracker SoSoValue. The next largest ETF among the US-traded BTC issues is WisdomTree Bitcoin Trust (BTCW), with $140.37 million in net assets as of Friday’s market close.

Related: Bitcoin may find bear market bottom in August: 10x Research

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Related Questions

QWhat action is Hashdex taking regarding its Bitcoin ETF and when?

AHashdex is liquidating its spot-price Bitcoin exchange-traded fund (DEFI) this month.

QWhat are the main reasons given by Hashdex for shutting down the DEFI ETF?

AThe decision was made after evaluating factors including trading liquidity, operating costs and investor interest.

QHow much Bitcoin does the Hashdex fund (DEFI) currently hold, and what is its net asset value?

AThe fund holds roughly 225 BTC and has net assets of $14.25 million.

QWhen did the Hashdex Bitcoin Futures ETF reach its highest asset level and what was it, according to SoSoValue?

AIts highest asset level was $17.54 million, reached on May 9, 2025.

QWhich US-traded Bitcoin ETF has the next smallest net assets after Hashdex's DEFI fund, and what is its value?

AThe next smallest is the WisdomTree Bitcoin Trust (BTCW), with $140.37 million in net assets as of the latest market close.

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