Hashdex will liquidate its spot Bitcoin exchange-traded fund, DEFI, this month, selling approximately 225 BTC and distributing cash to remaining shareholders. The decision came in a Monday filing after Hashdex evaluated trading liquidity, operating costs and investor interest.
Trading for DEFI shares on NYSE Arca will cease Aug. 17, 2026. The fund carried $14.25 million in net assets as of the filing—the smallest among U.S.-traded spot Bitcoin ETFs.
DEFI never attracted more than $18 million in net assets during its run, a reflection of the brutal competition inside the U.S. spot Bitcoin ETF market, which now features more than 10 active products.
Hashdex entered the spot ETF market in March 2024, months after the initial wave of SEC approvals in January 2024. That delayed launch made it difficult to capture market share against established players already pulling in billions.
Bloomberg Senior ETF analyst Eric Balchunas said on March 27, 2024, that he could see the fund gaining traction if its fee structure was competitive.
The next-largest U.S.-traded spot Bitcoin ETF, the WisdomTree Bitcoin Trust (BTCW), holds $140.37 million in net assets—roughly 10 times DEFI's peak.
DEFI originally launched in 2022 as the Hashdex Bitcoin Futures ETF before converting to a spot product following regulatory changes. As a futures fund, it hit its highest asset level of $17.54 million on May 9, 2025.
Hashdex will sell the 225 BTC on the open market. At a Bitcoin price of $63,454, those holdings represent approximately $14.28 million for distribution to shareholders.
