# Hashdex Commodities Trust

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/Hashdex Commodities Trust).

## Overview

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.

## Products & services

• Exchange-traded shares of the Hashdex Bitcoin ETF (DEFI)
• Spot bitcoin exposure held directly by the fund
• CME-listed bitcoin futures contracts
• Cash and cash equivalents for liquidity and margin needs
• Creation and redemption of share baskets for authorized purchasers

- **Exchange-traded fund shares** (100%) — Listed shares of the trust that investors buy and sell on NYSE Arca.
- **Spot bitcoin exposure** (0%) — Direct bitcoin holdings used to track the benchmark more closely.
- **Bitcoin futures exposure** (0%) — CME-traded bitcoin futures used for supplemental exposure and liquidity management.
- **Cash and cash equivalents** (0%) — Short-term liquid assets held for operational needs and collateral.

- Exchange-traded fund shares representing fractional interests in the trust
- Spot bitcoin holdings intended to make up most of fund assets
- Bitcoin futures contracts listed on CME for residual exposure
- Cash and cash equivalents used for liquidity and expenses
- Creation and redemption baskets for authorized purchasers

## 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.

- **Retail brokerage investors** (primary) — Individuals buying and selling DEFI on NYSE Arca for simple bitcoin exposure.
- **Institutional allocators** (primary) — Asset managers and institutions using the ETF for regulated bitcoin exposure.
- **Authorized purchasers** (primary) — Financial institutions that create and redeem baskets to keep shares aligned with NAV.
- **Financial advisors** (secondary) — Advisors using the ETF as a portfolio implementation vehicle for client accounts.

- Retail investors buying DEFI through brokerage accounts
- Institutional investors seeking listed bitcoin exposure
- Authorized purchasers creating and redeeming baskets
- Advisors using the ETF as a portfolio allocation tool
- Market participants wanting exposure without direct custody

## 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.

- Headquartered and sponsored from Milwaukee, Wisconsin
- Organized as a Delaware statutory trust
- Shares trade on NYSE Arca in the United States
- Uses U.S. market infrastructure including CME and DTC
- Regulated by the CFTC, NFA, and U.S. securities framework

## 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.

- **Increase spot bitcoin allocation** (short-term) — A higher spot weighting should reduce tracking error versus the benchmark.
- **Preserve ETF liquidity and tradability** (short-term) — Creation and redemption baskets help keep market price close to NAV.
- **Strengthen product positioning as a spot bitcoin ETF** (medium-term) — The post-merger structure broadens appeal versus a futures-only fund.

- Maximize spot bitcoin holdings to improve benchmark tracking
- Keep a small allocation to futures and cash for flexibility
- Use the ETF structure to broaden access for investors
- Maintain creation/redemption mechanics to support liquidity
- Operate within U.S. regulatory and exchange requirements

## 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.

- **Bitcoin price volatility** [high] — The fund is designed to reflect bitcoin price changes, so sharp moves flow directly into NAV.
- **Tracking error versus benchmark** [high] — Cash balances, futures usage, and expenses can cause returns to differ from the benchmark.
- **Counterparty and clearinghouse risk** [medium] — Futures contracts depend on clearing brokers and clearinghouses to perform.
- **Regulatory risk** [medium] — The trust operates under CFTC, NFA, and securities rules that can change or tighten.
- **Valuation risk** [medium] — Crypto interests and OTC contracts require daily fair-value estimates and broker pricing.

- Bitcoin price volatility directly drives NAV and investor returns
- Tracking error can arise from futures, cash, and expenses
- Counterparty and clearinghouse risk exists in futures trading
- Regulatory changes could affect commodity pool and ETF operations
- Valuation of crypto interests and OTC contracts requires judgment

## Accounting

The trust’s accounting is driven by daily fair-value measurement of bitcoin, futures contracts, and cash equivalents, so reported results can move sharply with market prices. It does not record income taxes because it is treated as a partnership for U.S. federal tax purposes, and derivative valuation judgments can materially affect gains, losses, and net asset value. Investors should also watch how expense accruals and mark-to-market accounting affect quarter-to-quarter comparability.

- **Fair value measurement of cryptocurrency interests** — Can materially change NAV and statement of operations
- **Derivative mark-to-market accounting** — Creates volatility in unrealized appreciation/depreciation
- **Partnership tax treatment** — Affects tax reporting and investor-level tax consequences
- **Cash and cash equivalents valuation** — Affects reported net assets and liquidity presentation

- Daily mark-to-market on bitcoin futures affects realized and unrealized gains
- Fair value estimates for OTC crypto contracts rely on management judgment
- Cash equivalents are carried at market or approximate fair value
- No income tax provision because the fund is treated as a partnership
- Expense accruals and valuation changes can create quarter-to-quarter volatility

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*Last updated: 2026-04-28T20:14:23.465541+00:00*