Hashdex's Spot Bitcoin ETF, DEFI, Set to Shut Down Amid Weak Demand

Hashdex's spot Bitcoin ETF, DEFI, will cease trading on August 17 after giving investors a final window to exit. According to an SEC filing, those who remain in the fund after trading ends will receive cash from the liquidation of its Bitcoin holdings by August 28.

The payout will reflect the fund's net asset value after accounting for Bitcoin price movements and transaction costs. This development comes as US spot Bitcoin ETFs have seen a surge in demand, with $865.3 million in net inflows between August 3 and August 7.

However, Hashdex's decision to close DEFI highlights how unevenly this demand is distributed. The fund has only recorded six inflow days since converting from its earlier Bitcoin futures strategy on March 27, 2024. Since then, it has struggled to attract fresh capital, with net outflows of $2.47 million in 2025 and no creations or redemptions in the first quarter of this year.

DEFI held approximately $8.7 million in assets and 134.95 BTC on August 11, down from $11.77 million and 180.26 BTC on August 7. Shares outstanding fell to 120,000 from 160,000 over those three days, indicating that investors were redeeming positions ahead of the shutdown.