Hashdex to shut smallest Bitcoin ETF after more than two years

The spot price Bitcoin exchange-traded fund, which was never able to attract more than $18 million in net assets, will pay out investors and sell its 225 BTC in the coming weeks.

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.