Hashdex Closes Underperforming Bitcoin ETF After Two Years
Hashdex is shutting down its Bitcoin ETF after more than two years of operation. The fund, which trades under the DEFI ticker on NYSE ARCA since March 2024, has net assets of $14.25 million and holds roughly 225 BTC. In a filing on Monday, the issuer cited trading liquidity, operating costs, and investor interest as factors in its decision.
The fund was launched originally as a Bitcoin futures ETF in 2022 but saw little growth despite reaching an asset level of $17.54 million on May 9, 2025. In contrast, the next largest US-traded BTC issue is WisdomTree Bitcoin Trust (BTCW), with over $140 million in net assets.
Analysts had initially seen opportunity for Hashdex when it debuted months after other competing ETFs, particularly during a time when Bitcoin was trading at an all-time high above $73,000. However, the fund's late entry into the market may have hindered its growth and competitiveness in the space.