Hashdex will stop trading its DEFI Bitcoin exchange-traded fund after the close on Aug. 17, 2026, giving investors a final window to exit before the vehicle is liquidated. An SEC filing indicates that anyone still holding shares after trading ends will receive cash once the fund's Bitcoin holdings are wound down, with payouts expected by Aug. 28. The final payout will reflect net asset value after Bitcoin price moves, transaction costs, and other closing expenses.
The deadline is already draining the fund. DEFI held about $8.7 million in assets and 134.95 BTC on Aug. 11, down from $11.77 million and 180.26 BTC on Aug. 7. Shares outstanding dropped from 160,000 to 120,000 over that period, a 25% decline, suggesting investors are redeeming ahead of the shutdown.
The liquidation stands out because money has returned to US spot Bitcoin ETFs, but demand is uneven. For the week ended Aug. 7, spot Bitcoin ETFs pulled in $865.3 million, with BlackRock’s IBIT accounting for $693.5 million, or roughly 80.1% of total inflows. The streak ended Aug. 10 with $144.6 million in aggregate outflows.
DEFI’s weakness predates the closure. The fund converted from a Bitcoin futures strategy to direct Bitcoin holdings on March 27, 2024, but did not record its first daily inflow until December of that year. Since conversion, it has logged only six inflow days and three outflow days. In 2025, it issued $2.14 million in shares but redeemed $4.61 million, resulting in a net capital outflow of $2.47 million. Early 2026 brought no creations or redemptions, and management fees fell to $6,453 from $20,385 a year earlier. Its annualized gross expense ratio declined to 0.25% from 0.56%.
On Aug. 11, spot Bitcoin ETFs overall recorded $4.8862 million in net inflows, with only BlackRock’s IBIT attracting fresh money. Spot Ethereum ETFs leaked $1.7644 million, led by Fidelity’s FETH with $2.3283 million in redemptions. The pattern highlights a winner-takes-most dynamic in crypto ETFs, with liquidity and brand recognition concentrating flows in the largest product.
Hashdex said it is not abandoning the US market and continues to manage more than $200 million in products available to US investors.
