Hashdex to Close Bitcoin DEFI ETF Trading on August 17

Hashdex will terminate trading of its DEFI Bitcoin ETF after the market closes on August 17. Investors remaining in the fund after this deadline should receive cash payments for the liquidation value of their Bitcoin holdings by August 28. The fund's size shrank in the days leading up to the closure, with assets of approximately $8.7 million and 134.95 BTC on August 11, down from $11.77 million and 180.26 BTC on August 7, and circulating shares reduced from 160,000 to 120,000. This move comes amid a recovery of Bitcoin spot ETFs in the U.S., but not all products have benefited equally. From August 3 to August 7, these funds recorded a total net inflow of $8.653 million, with BlackRock's IBIT contributing $6.935 million. However, on August 10, the group recorded a net outflow of $1.446 million. DEFI will convert its strategy to direct asset exposure on March 27, 2024, and will not see its first net inflow until December of that year, having only six days of net inflows and three days of net outflows since the conversion. Fund documents indicate difficulties in raising capital, with DEFI issuing $2.14 million in shares in 2025 while redeeming $4.61 million, resulting in a net outflow of $2.47 million, leaving net assets at $11.9 million by year-end. In the first quarter of 2026, the product had no new issuances or redemptions, with management fees dropping to $6.453 and the annualized total expense ratio falling to 0.25%.

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