Hashdex Bitcoin ETF (DEFI) is a cryptocurrency exchange-traded fund that seeks to track the daily changes in the price of the Nasdaq Bitcoin Reference Price Index (NQBTCS), less fund expenses. The Fund makes money by charging shareholders a management fee of 0.25% of average net assets annually (reduced from 0.90% prior to February 10, 2025), paid to sponsor Hashdex Asset Management Ltd. Under normal market conditions, the Fund's policy is to hold at least 95% of assets in spot bitcoin, with up to 5% in CME-traded bitcoin futures contracts and cash equivalents. The Fund is organized under Tidal Commodities Trust I and is the successor to a predecessor fund originally sponsored by Teucrium, which commenced operations on September 15, 2022. Average daily total net assets were $14,513,763.92 for the year ended December 31, 2025, with a net loss of $474,450.00. The total gross expense ratio was 0.33% for the year ended December 31, 2025.

Revenue model

Management fee of 0.25% of average net assets annually (0.90% prior to February 10, 2025), paid to Hashdex Asset Management Ltd. as Sponsor. The Fund also incurs broker expenses and brokerage commissions. No performance fees are disclosed in the filing.

Products and services

A single exchange-traded fund holding spot bitcoin (targeting at least 95% of assets) and up to 5% in CME-traded bitcoin futures contracts and cash equivalents, including money market funds such as the First American Government Obligations Fund - Class X. The Fund's NAV is benchmarked to the Nasdaq Bitcoin Reference Price Index (NQBTCS).

Customers and end markets

Retail and institutional investors seeking exposure to bitcoin price performance through an exchange-traded fund structure. Shareholders have very limited voting rights with respect to fund governance.

Value-chain role

Passive investment vehicle. The Sponsor (Hashdex Asset Management Ltd.) manages investments and operations. Wilmington Trust serves as Trustee at $3,300 annually. An Administrator handles fair valuation and NAV calculation. The Fund holds spot bitcoin and bitcoin futures contracts rather than operating any underlying business.

Geographic exposure

United States. The Fund is registered with the SEC and operates under U.S. regulatory frameworks. No international geographic exposure is disclosed.

Source: SEC 10-K, filed 2026-03-31

Industry: Commodity Contracts Brokers & Dealers