Hashdex, a Brazil-based crypto asset manager, is shutting down its US spot Bitcoin exchange-traded fund. The fund will be liquidated later this month after failing to gain meaningful assets since its launch in 2024.
A short-lived run
The ETF entered the market in 2024, when a wave of spot Bitcoin products debuted in the US. But Hashdex's offering never caught on. The fund struggled to attract investor dollars from the start, and the firm has now decided to pull the plug entirely. Liquidation is expected to wrap up by the end of August.
Why it didn't stick
Hashdex isn't a household name in the US. The firm is based in Brazil and has a strong presence in Latin America, but its US ETF faced stiff competition from bigger players like BlackRock and Fidelity. Those funds quickly dominated the market, leaving little room for smaller issuers. Hashdex's product also had a higher expense ratio than some rivals, which likely turned off cost-conscious investors.
The timing isn't great for Hashdex either. The broader crypto market has been choppy in 2026, and spot Bitcoin ETFs have seen mixed flows. Some funds are still pulling in money, but the days of easy inflows are over. For a small fund, that's a death sentence.
What happens next
Hashdex will return capital to shareholders after liquidating the fund's Bitcoin holdings. The exact date of the final payout hasn't been announced, but the process is expected to be completed within weeks. The firm hasn't said whether it plans to launch any other US-listed products.
For now, the closure is a reminder that not every spot Bitcoin ETF can survive in a market that's already crowded. Hashdex's exit leaves about a dozen spot Bitcoin ETFs still trading in the US.
