Hashdex to Shut Down Bitcoin ETF After Struggling to Gain Assets
Hashdex is shutting down its U.S. spot Bitcoin ETF, DEFI, after it gathered only $14.7 million in assets. The fund will stop trading after Aug. 17 and be delisted, with remaining Bitcoin liquidated and cash distributions expected around Aug. 28. During wind-down, it will only sell assets, pay liabilities, and return cash to shareholders. Hashdex said the decision reflected assets under management, liquidity, operating costs, investor demand, and the fund’s place in its product lineup. The firm still manages more than $200 million in U.S.-available products. The closure comes after Hashdex entered the U.S. spot Bitcoin ETF market following the SEC’s January 2024 approval of the first such funds. It had previously converted a Bitcoin futures ETF into a spot ETF and later pursued a combined Bitcoin-Ethereum ETF, which faced SEC delay.
