The Hashdex Bitcoin ETF (ticker: DEFI) is a spot bitcoin ETF listed on NYSE Arca that gives investors price exposure to bitcoin through a standard brokerage account, without requiring them to directly buy or store bitcoin. The Fund holds actual spot bitcoin as its primary asset, and its NAV tracks the Nasdaq Bitcoin Reference Price - Settlement, a benchmark reflecting bitcoin's average spot price across major crypto exchanges. Bitcoin is held in cold storage custody by BitGo Trust Company. The Fund charges investors a management fee of 0.25% per annum of daily NAV, paid to sponsor Hashdex Asset Management, which is also responsible for most routine operational expenses. The Fund's performance is essentially bitcoin's price performance, minus the annual fee and minor transaction costs. The Fund uses a creation/redemption mechanism through Authorized Purchasers — large institutions like Goldman Sachs, Citadel Securities, and Jane Street — who can create or redeem blocks of 10,000 shares by delivering or receiving bitcoin or cash, which keeps the Fund's market price close to its NAV. The Fund is structured as a Delaware statutory trust and does not lend or pledge its bitcoin holdings. The Fund has a somewhat complex history: it originated as a bitcoin futures ETF, converted to a spot bitcoin strategy in January 2024, and in January 2026, Hashdex Asset Management took over directly as sponsor. Hashdex manages approximately $1.2B in assets across its funds.