Hashdex Commodities Trust (NYSE: DEFI)

Hashdex Commodities Trust is a Delaware statutory trust organized on February 10 2023 that operates as a series trust with a single series named Hashdex Bitcoin ETF trading under the ticker DEFI. The trust’s investment objective is for changes in the net asset value of its shares to reflect the daily changes of the Nasdaq Bitcoin Reference Price Settlement index less the fund’s operating expenses. To achieve this objective the fund holds bitcoin and may hold limited amounts of cash. The trust provides investors a way to gain exposure to the bitcoin market through shares that are listed and traded on NYSE Arca.

The fund generates revenue primarily through a management fee paid to its sponsor Hashdex Asset Management Ltd equal to 0.25 percent per annum of the daily net asset value of the fund. In addition the fund receives transaction fees of three hundred dollars per creation or redemption order that are paid to the cash custodian though these fees are not retained by the fund. The sponsor also receives compensation for administrative and other services provided to the trust.

Hashdex Commodities Trust operates in the competitive landscape of bitcoin exchange traded products where it faces competition from other sponsors offering similar bitcoin exposure through funds and trusts. The trust differentiates itself by maintaining a low fee structure and by holding actual bitcoin rather than relying solely on futures contracts. Its sponsorship is transferred from Tidal Investments LLC to Hashdex Asset Management Ltd effective January 16 2026 bringing additional expertise in crypto asset management.

The fund’s shares are purchased and sold by retail investors through broker dealer transactions on the secondary market while creation and redemption of shares in baskets of ten thousand units are conducted exclusively by authorized purchasers. The authorized purchasers that have entered into agreements with the sponsor are Jane Street Capital LLC Mirae Asset Securities USA Inc Virtu Americas LLC Macquarie Capital USA Inc Goldman Sachs & Co LLC and Citadel Securities LLC. These institutions facilitate the issuance and redemption of the fund’s shares in-kind or for cash.