(updated with new distribution date of 24 Aug).
Hashdex will close both of its European crypto exchange-traded products (ETPs) and has cut two staff positions in the region, the Brazil-founded asset manager told Sandmark, stripping it of its listed product range on the continent 11 days after it moved to wind up its US spot Bitcoin (BTC) fund.
"Hashdex can confirm plans to close and liquidate two crypto ETPs (tickers HASH and HAMO) that currently trade on European exchanges, effective 11 Sep, 2026, in accordance with the notice published by SIX on 11 Aug," a Hashdex spokesperson said. SIX Swiss Exchange did not respond to a request for a copy of the notice before publication.
The two products are the Hashdex Nasdaq CME Crypto Index Europe ETP (HASH), which tracks the Nasdaq CME Crypto Index, and the Hashdex Crypto Momentum Factor ETP (HAMO), which tracks a risk-parity momentum index built with digital-asset data provider Kaiko. Both are listed on SIX, Deutsche Börse Xetra, Euronext Paris and Euronext Amsterdam. HASH listed on SIX in May 2022 and was Hashdex's first product outside the Americas.
They held a combined $42.3mn as of 13 Aug, according to Hashdex's European product pages: $39.7mn in HASH and $2.55mn in HAMO. That makes the European wind-down close to three times the size of the US fund the firm is also closing, which held $14.7mn.
Hashdex said it is not leaving the continent. "While two staff positions in Europe have been reduced in line with this decision, we continue to serve our clients in Europe, and our Chairman Marcelo Sampaio continues to be based in London," the spokesperson said.
Asked where European demand goes, the firm pointed to its US range. "Many of our European clients are choosing to invest in our flagship multi-asset crypto strategy through NCIQ, our key offering in the United States, which tracks the Nasdaq CME Crypto Index," the spokesperson said. NCIQ, which added Cardano (ADA) and Chainlink (LINK) to its basket in March, is US-listed. US-listed ETFs are generally not distributable to retail investors under PRIIPs rules in the EU and their UK equivalent, which require a key information document that US issuers do not produce, leaving professional and institutional clients as the realistic route.
Hashdex said total assets across its crypto products as of August 2026 were approximately $1bn. On that basis, the European book accounted for roughly 4.2% of the group.
The European decision follows the closure of the Hashdex Bitcoin ETF, which trades on NYSE Arca under the ticker DEFI. Hashdex disclosed that wind-down in an 8-K filed with the US Securities and Exchange Commission (SEC) on 3 Aug, saying the decision followed a review of assets under management, trading liquidity, operating costs, investor interest and the fund's fit within its index-based range. Monday 17 Aug is DEFI's final trading day.
The fund held approximately $14.7mn as of 30 Jul, against more than $200mn Hashdex said it still manages in US-available products. DEFI is the first US spot Bitcoin ETF to be liquidated, according to a Sandmark review of SEC filings and NYSE Arca delisting notices since the category's approval in January 2024. It began trading in 2022 as a Bitcoin futures product and converted to spot in March 2024, two months after the main wave of approvals.
Shareholders who hold through the close on 17 Aug will receive a cash liquidating distribution, expected on or about 24 Aug. That date was brought forward from 28 Aug in an amended filing on 12 Aug, which also attached the plan of liquidation.
The closures land against sustained fee compression. WisdomTree, Fidelity, Global X, Invesco, 21Shares and CoinShares all cut prices on European crypto ETPs in 2024 as the race to list the first US spot Bitcoin ETF spilled across the Atlantic. Hashdex waived fees on HASH entirely until the product reached $1bn in assets. It closes at $39.7mn, having never got within $960mn of that mark.
Neither Hashdex nor the SIX notice gives a reason for the European closures beyond the wind-down itself. The firm's stated rationale for the US fund was the combination of small asset base, thin liquidity and operating cost, a set of conditions the European products also met. NYSE Arca has separately floated a streamlined route for crypto ETP listings, which would lower the cost of entry but not of survival.
