Hashdex to Shut Down Bitcoin ETF After Struggling to Gain Assets — SkimNews
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- Hashdex will liquidate its Hashdex Bitcoin ETF (NYSE Arca: DEFI) after the fund managed only about $14.7 million in assets, with trading ceasing after market close on Aug. 17 and cash distributions to remaining shareholders expected on or about Aug. 28.
- The SEC filing states that following the last trading day the fund will sell its remaining Bitcoin holdings, abandon its investment objective, and wind down its business affairs — leaving shareholders exposed to Bitcoin price moves during the liquidation window.
- Hashdex said it evaluated AUM, trading liquidity, operating costs, investor interest, and product fit before deciding to shutter the fund, while continuing to manage more than $200 million across other investment products available to U.S. investors.
- The closure caps more than two years in the U.S. spot Bitcoin ETF market after the SEC's landmark January 2024 approval, with Hashdex having converted its DEFI-ticker futures fund (trading since September 2022) into a spot Bitcoin ETF holding roughly 5,500 Bitcoin.
- Hashdex separately sought a combined Bitcoin and Ethereum ETF, but the SEC delayed a decision on that proposal in August 2024.
Why it matters: With $14.7 million in AUM against a crowded spot Bitcoin ETF field dominated by BlackRock and Fidelity, Hashdex's exit shows the barrier to scale for non-incumbent issuers — and shareholders who hold through Aug. 17 will receive cash based on whatever Bitcoin price the fund realizes during the selling window, not the current NAV.
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