Hashdex Bitcoin ETF

What they do

The Trust operates one series, the Hashdex Bitcoin ETF, which issues shares representing fractional undivided beneficial interests in the Fund. The Fund's assets consist of bitcoin and, potentially, limited amounts of cash, and its investment objective is for the Shares' NAV to reflect daily changes in the NQBTCS benchmark. The Fund continuously offers and redeems baskets of 10,000 Shares at NAV to Authorized Purchasers. It holds bitcoin with BitGo Trust Company as custodian and cash with U.S. Bank, N.A.

Revenue drivers

• Management Fee — The Sponsor, Hashdex Asset Management Ltd., receives a management fee based on Fund assets, which is the primary source of revenue for the Sponsor. The fee is paid from Fund assets, reducing NAV.
• Fund inflows and asset growth — Revenue grows with the Fund's total assets under management, driven by investor purchases of Shares through the continuous offering of baskets. The Fund had total assets of $14.6 million as of June 30, 2026.
• Bitcoin price appreciation — The Fund's NAV and thus the size of its asset base are directly tied to the price of bitcoin, which indirectly affects the management fee. The Fund tracks the NQBTCS benchmark, which is designed to track bitcoin's price performance.

Recent performance

The Fund reported a net loss of $474,450 for 2025, compared to net income of $10.6 million in 2024 and $1.4 million in 2023. Operating cash flow was $2.5 million in 2025, improving from negative $3.6 million in 2024. As of June 30, 2026, total assets were $14.6 million, total liabilities were $1.3 million, and shareholder equity was $13.3 million. Cash and equivalents were $42,043 as of the same date.

Strategy

The Fund converted from a bitcoin futures ETF to a spot bitcoin ETF effective March 27, 2024, after the post-effective amendment to its Form S-1 was declared effective on January 16, 2026. The Trust completed a merger with the Hashdex Bitcoin Futures ETF on January 3, 2024, exchanging shares one-for-one. The Sponsor, Hashdex Asset Management Ltd., replaced Tidal Investments as sponsor effective January 16, 2026. Recent 8-K filings indicate changes in accountants, director/officer changes, and amendments to the Trust's charter or bylaws, but no stated strategic priorities beyond the conversion to spot bitcoin holdings.

Risks

• Bitcoin price volatility — The Fund's NAV and financial performance are directly exposed to the price of bitcoin, which is highly volatile and may cause significant fluctuations in the value of the Shares.
• Tracking error — The Fund may not perfectly track the NQBTCS benchmark due to expenses and other factors, so changes in Share price may vary from spot bitcoin price changes.
• Custody and counterparty risks — The Fund relies on BitGo Trust Company for bitcoin custody and U.S. Bank for cash custody; any failure by these custodians could result in loss of Fund assets.
• Regulatory and structural changes — The Trust has undergone significant changes, including a merger, sponsor change, and conversion to spot bitcoin holdings, which may expose it to regulatory scrutiny or operational risks.

Outlook

Management emphasizes forward-looking statements are subject to risks including general economic and market conditions, changes in laws or regulations, and technology developments regarding bitcoin. The Sponsor does not undertake to update forward-looking statements. The fund's size, with only $42,043 in cash, suggests a focus on maintaining operations with potential for future inflows as market conditions evolve.