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Hashdex to close its U.S. spot Bitcoin ETF after low assets
The fund, listed as DEFI on NYSE Arca, will stop trading Aug. 17 and is expected to distribute cash to remaining shareholders around Aug. 28 after selling its remaining Bitcoin holdings.
Hashdex says it will close and liquidate its U.S. spot Bitcoin exchange traded fund after struggling to attract assets. The Brazil based crypto asset manager’s Hashdex Bitcoin ETF, which trades under the NYSE Arca ticker DEFI, currently manages about $14.7 million.
According to a U.S. Securities and Exchange Commission filing reported by Decrypt, trading in the ETF will end after the market closes on Aug. 17, and the fund will be delisted afterward. The filing said shareholders who still own the fund at that time are expected to receive cash distributions on or about Aug. 28 after the ETF sells its remaining Bitcoin holdings.
The filing also states that after the last trading day, the fund will liquidate its remaining Bitcoin holdings and will no longer pursue its stated investment objective, winding up its business and distributing remaining assets to shareholders. Hashdex said it considered factors including assets under management, trading liquidity, operating costs, investor interest, and how the ETF fit within its broader product lineup before deciding to shut it.
Hashdex entered the U.S. spot Bitcoin ETF market more than two years after the SEC approved the first spot Bitcoin ETFs in January 2024. Decrypt noted the firm converted a Bitcoin futures ETF into a spot Bitcoin ETF in August 2023, and it later sought a combined Bitcoin and Ethereum ETF that saw regulatory delays in August 2024.
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