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Crypto

Hashdex Abandons DeFI US Spot Bitcoin ETF Amid Market Struggles

Guavy AI Editorial Team
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Hashdex, a cryptocurrency asset manager, is shutting down its DEFI US spot Bitcoin ETF after approximately two years since its conversion to a spot product. The fund, which launched in March 2024, failed to gain significant traction in the crowded $77.6 billion US spot bitcoin ETF market. According to Hashdex, the main reasons for liquidating DEFI include low investor interest, small fund size, operating costs, and its place within the company's broader product lineup.

DEFI had the lowest inflows compared to rivals like BlackRock's IBIT, which holds $47.08 billion in net assets. Trading for DEFI will cease on August 17, and Hashdex will return cash to shareholders after selling off its remaining Bitcoin holdings. Notably, this closure does not affect Hashdex's other US crypto funds, which still manage over $200 million.

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