Hashdex Commodities Trust
Hashdex Commodities Trust is a Delaware statutory trust that issues exchange-traded shares for a bitcoin-focused commodity pool. The fund is designed to give investors exposure to bitcoin price movements through spot bitcoin, bitcoin futures, and cash equivalents, with shares trading on NYSE Arca under the ticker DEFI.
Fiscal year 2025 · change from previous year
Development 2023–2025
Business
Share of revenueListed shares of the trust that investors buy and sell on NYSE Arca.
Direct bitcoin holdings used to track the benchmark more closely.
CME-traded bitcoin futures used for supplemental exposure and liquidity management.
Short-term liquid assets held for operational needs and collateral.
Customers
The trust serves investors seeking regulated, exchange-traded exposure to bitcoin without directly managing wallets or private keys. Its primary buyers are brokerage clients and institutional authorized purchasers that create and redeem baskets, while secondary demand comes from retail and advisory investors trading the listed shares. The product is built for market participants who want benchmark-linked bitcoin exposure inside a traditional securities wrapper.
Individuals buying and selling DEFI on NYSE Arca for simple bitcoin exposure.
Asset managers and institutions using the ETF for regulated bitcoin exposure.
Financial institutions that create and redeem baskets to keep shares aligned with NAV.
Advisors using the ETF as a portfolio implementation vehicle for client accounts.
Strategy
The fund’s strategy is to track the Nasdaq Bitcoin Reference Price as closely as possible while holding at least 95% of assets in spot bitcoin, with a limited sleeve in CME bitcoin futures and cash. This structure is intended to improve benchmark tracking while keeping the product inside a familiar ETF wrapper for investors and authorized purchasers. The merger and rebranding to Hashdex Bitcoin ETF also positioned the trust as a spot bitcoin vehicle rather than a futures-only product.
A higher spot weighting should reduce tracking error versus the benchmark.
Creation and redemption baskets help keep market price close to NAV.
The post-merger structure broadens appeal versus a futures-only fund.
Geography
The trust is organized in Delaware and operated from Milwaukee, Wisconsin through its sponsor, Tidal Investments LLC. Its business is U.S.-centric: shares trade on NYSE Arca, the sponsor is registered with U.S. regulators, and the fund’s assets and counterparties are tied to U.S. market infrastructure such as CME and DTC. Geography matters mainly through U.S. regulatory oversight, exchange access, and custody/clearing relationships rather than through international operating sites.
Risks
The fund’s performance is highly sensitive to bitcoin price volatility, and its NAV can diverge from spot bitcoin because it may hold futures and cash. It also depends on a small set of regulated counterparties and market infrastructure, so operational, custody, clearing, and regulatory risks can affect execution and investor confidence. Because the trust is a commodity pool with derivative exposure, valuation and counterparty credit risk are central to reported results.
The fund is designed to reflect bitcoin price changes, so sharp moves flow directly into NAV.
Exposure: Spot bitcoin and bitcoin futures holdings
Cash balances, futures usage, and expenses can cause returns to differ from the benchmark.
Exposure: 95% spot target with up to 5% in futures and cash
Futures contracts depend on clearing brokers and clearinghouses to perform.
The trust operates under CFTC, NFA, and securities rules that can change or tighten.
Crypto interests and OTC contracts require daily fair-value estimates and broker pricing.
Exposure: Cryptocurrency derivative transactions
Accounting
Judgemental itemsDaily valuation of bitcoin, futures, and OTC contracts drives reported gains and losses.
Impact: Can materially change NAV and statement of operations
Futures contracts are recorded on trade date and revalued daily.
Impact: Creates volatility in unrealized appreciation/depreciation
The fund does not record income taxes under its U.S. partnership structure.
Impact: Affects tax reporting and investor-level tax consequences
Short-term deposits and money market-like holdings are included in assets and liquidity.
Impact: Affects reported net assets and liquidity presentation
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Last updated: 24/09/2026