Bitcoin
Hashdex to Liquidate U.S. Spot Bitcoin ETF After Failing to Attract Assets
Hashdex, a Brazilian crypto asset manager, is shutting down its U.S. spot Bitcoin ETF after accumulating only $14.7 million in assets since its 2024 launch.
Hashdex announced it will cease operations of its U.S. spot Bitcoin ETF, with trading ending after market close on August 17 before delisting. Shareholders will receive cash distributions around August 28 following the fund's liquidation of its Bitcoin holdings.
The Hashdex Bitcoin ETF (NYSE Arca: DEFI) accumulated just $14.7 million in assets under management. In its SEC filing, the company said it evaluated factors including AUM, trading liquidity, operating costs, investor interest, and how the fund aligned with its broader product strategy before deciding to wind down operations.
Hashdex converted the fund from a Bitcoin futures ETF to a spot Bitcoin product in August 2023, capitalizing on the SEC's January 2024 approval of spot Bitcoin ETFs. At that point the fund held roughly 5,500 Bitcoin. Hashdex has also pursued other products, including a proposed combined Bitcoin and Ethereum ETF that faced SEC delays in August 2024. Despite this closure, the firm continues to manage more than $200 million across investment products available to U.S. investors.
The ETF structure allows investors to gain Bitcoin exposure through shares that trade on stock exchanges, with the fund's price tracking Bitcoin's value. Because Bitcoin's price may fluctuate during the liquidation process, the final cash payout to shareholders could differ from the fund's current valuation.
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