Hashdex Closes First US-Based Spot Bitcoin ETF Due to Low Net Assets

Hashdex, a cryptocurrency asset management company, announced that it would close and liquidate its Bitcoin spot ETF, DEFI (NYSE Arca), marking the first instance of a US-based spot Bitcoin ETF shutting down. The fund's value under management was approximately $14.7 million as of July 30, 2026.

Hashdex attributed the decision to liquidate to several factors, including the fund's size, transaction liquidity, operating expenses, investor demand, and its broader product strategy. With low net assets compared to operating expenses, DEFI had become economically unfeasible for long-term operation.

The Hashdex Bitcoin ETF was designed to offer investors direct exposure to daily fluctuations in the Bitcoin price, with a portfolio consisting solely of physically held Bitcoin and cash for operational needs. The fund did not hold any other cryptocurrencies or financial assets besides Bitcoin. Investors can sell their DEFI shares on the NYSE Arca until August 17, 2026.

After the final trading day, the fund will no longer accept new share creation orders from authorized participants and will be delisted from the exchange. Hashdex plans to liquidate its portfolio by selling the remaining Bitcoins after August 17, with investors who did not sell their shares receiving a cash payment equivalent to the net asset value of their shares on the liquidation date.