Hashdex will stop trading its DEFI Bitcoin ETF after the Aug. 17 close and liquidate the fund, with remaining investors set to receive cash by Aug. 28 based on net asset value after Bitcoin price moves, transaction costs and other closing expenses. The fund had already been shrinking ahead of the deadline, with assets falling to about $8.7 million and 134.95 BTC on Aug. 11 from $11.77 million and 180.26 BTC on Aug. 7, while shares outstanding dropped 25% to 120,000 from 160,000, signaling redemptions before the shutdown. The closure stands in contrast to renewed demand across U.S. spot Bitcoin ETFs, which took in $865.3 million of net inflows between Aug. 3 and Aug. 7, although BlackRock’s IBIT accounted for $693.5 million of that total before the streak ended with $144.6 million in aggregate outflows on Aug. 10. DEFI’s struggle long predated the liquidation: after converting from a Bitcoin futures strategy on March 27, 2024 to allow direct Bitcoin holdings, it did not record its first daily inflow until December that year and logged only six inflow days and three outflow days since the conversion. Filings also showed weak capital formation, with $2.14 million of shares issued in 2025 against $4.61 million redeemed, producing a $2.47 million net capital outflow and leaving about $11.90 million in net assets at year-end. Activity then stalled in early 2026, with no creations or redemptions in the first quarter, management fees falling to $6,453 from $20,385 a year earlier, and the annualized gross expense ratio declining to 0.25% from 0.56%. Hashdex said it is not leaving the U.S. market and continues to manage more than $200 million in products available to U.S. investors.