Hashdex to shut smallest Bitcoin ETF after more than two years

Hashdex said it will liquidate its eponymous spot-price Bitcoin exchange-traded fund this month, distributing the cash to all remaining shareholders and selling the fund’s roughly 225 $BTC holdings.

In a filing on Monday, the fund issuer said the decision was made after evaluating factors including trading liquidity, operating costs and investor interest. The 200,000 shares, which have traded on NYSE ARCA under the DEFI ticker since March 2024, have net assets of $14.25 million, according to the fund’s website.

Late to the game, which saw the first of 10 other competing $BTC ETFs debut months ahead of it, analysts saw opportunity at a time when $BTC was trading for the then-all-time high of more than $73,000.

“The getting is so good right now I could see this one getting some bites (if the fee is competitive) despite being so late,” said Bloomberg Senior ETF analyst Eric Balchunas in a March 27, 2024 post.

Originally launched in 2022 as a Bitcoin futures ETF, Hashdex Bitcoin Futures ETF, its highest asset level was $17.54 million, reached on May 9, 2025, according to data tracker SoSoValue. The next largest ETF among the US-traded $BTC issues is WisdomTree Bitcoin Trust (BTCW), with $140.37 million in net assets as of Friday’s market close.