Hashdex to liquidate its U.S. spot Bitcoin ETF after failing to attract sufficient assets since launching in 2024.
Ecosystem ·
Hashdex, a crypto asset manager based in Brazil, is liquidating its U.S. spot Bitcoin ETF after the fund accumulated only $14.7 million in assets under management. According to an SEC filing, trading in the Hashdex Bitcoin ETF (NYSE Arca: DEFI) will conclude on August 17, with shareholders receiving cash distributions around August 28 following the sale of remaining Bitcoin holdings.
The fund's closure reflects intense competition in the U.S. spot Bitcoin ETF sector since the SEC's approval of the first spot Bitcoin products in January 2024. Hashdex converted its existing Bitcoin futures ETF into a spot offering in August 2023, initially holding roughly 5,500 Bitcoin. The firm evaluated multiple factors including asset levels, trading activity, operating expenses, and investor demand before deciding to wind down the product.
The company continues to manage more than $200 million across other U.S. investment offerings. The final cash payout to shareholders may differ from the fund's current value due to price movements during Bitcoin liquidation. Notably, Hashdex had also proposed a combined Bitcoin and Ethereum ETF, though the SEC delayed its decision on that application in August 2024.