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BTC TLDR
Hashdex will liquidate the DEFI Spot Bitcoin ETF in August due to lack of liquidity and limited investor demand. The fund will cease trading on NYSE Arca on August 17, 2026, and investors expect to receive cash distributions around August 28, 2026. As of July 30, the fund held approximately 225 bitcoins with assets of approximately US$14.7 million.
Hashdex sets August clearing time
Hashdex Asset Management will close its DEFI Spot Bitcoin ETF due to low trading activity and limited investor demand. The fund will cease trading on NYSE Arca on August 17, 2026, after which Hashdex will sell its Bitcoin holdings and return cash to shareholders. The liquidation marks the end of the fund's two-year effort to compete in the U.S. market dominated by large funds. As of the end of July, DEFI held approximately 225 bitcoins, with net assets ranging from US$14.25 million to US$14.7 million.
Hashdex said it had conducted a comprehensive assessment of trading liquidity, operating costs and investor interest before approving the closure. The fund plans to sell its assets on the open market and convert the remaining portfolio into cash. Shareholders should receive the liquidation distribution money around August 28. Investors who hold shares until liquidation will receive cash based on the final net asset value of the fund. after deducting fees and liquidation costs.
DEFI was established in 2022 and was originally called the Hashdex Bitcoin Futures ETF. The company then converted it into a spot bitcoin fund that tracked the Nasdaq bitcoin reference price and held bitcoin directly. The fund's assets peaked at approximately $17.54 million in May 2025, and other data showed its peak at close to $18 million, but it is still far from similar products that attract billions of dollars in capital.
Large bitcoin ETFs dominate investor capital flows
Since its approval in January 2024, the U.S. spot bitcoin ETF market has remained highly concentrated. BlackRock's iShares Bitcoin Trust and several other major funds attracted the vast majority of capital inflows and trading volume. Hashdex entered the spot market after ten similar products had been launched. Even the smallest fund of its kind, the WisdomTree Bitcoin Trust, had assets of approximately $140.37 million as of the close on Friday.
DEFI shareholders do not need to sell before the transaction closes, but the closure of the fund will deprive them of the option to continue investing through the fund. Hashdex will allocate cash rather than transferring bitcoins or shares to other ETFs. This liquidation may cause taxable events for some investors. The closure of the fund also shows that investors often carefully evaluate the size of their assets under management, average daily trading volume and bid-ask spreads before choosing a smaller Bitcoin ETF.
