Hashdex

Market position

Describes itself as one of the largest crypto investment companies globally and the #1 crypto index asset manager; claims the world's first crypto index ETF and the first multi-asset crypto ETP in the US, while its US spot bitcoin ETF remained subscale relative to BlackRock's IBIT and Fidelity's FBTC.

Focus on diversified, index-based crypto products rather than single-asset vehicles, anchored by a long-standing partnership with Nasdaq and a co-developed benchmark intended as a long-term reference for the crypto asset class.

Technology

Index-tracking product construction based on benchmarks co-developed with Nasdaq, notably the Nasdaq CME Crypto Index (NCI) and NCI Europe, plus the Nasdaq Bitcoin Reference Price – Settlement used by the bitcoin product; third-party custodians, auditors and index administrators support the funds.

Go-to-market

Distribution through regulated exchange listings in eight countries (including Brazil's [B]3, the SIX Swiss Exchange, Germany, France, the Netherlands and NYSE Arca in the US), supported by a Nasdaq benchmark partnership, published research (Inside the NCI, CIO Notes, Market Pulse) and media commentary from its executives.

Professional investors, principally financial advisors and institutional allocators, seeking regulated exposure to crypto assets.

Geography

Teams in Latin America, Europe and the United States, with products listed across eight countries including Brazil, Switzerland, Germany, France, the Netherlands and the US; a Cayman Islands-domiciled fund (ISIN KYG4404X1043) is also offered.

History

Founded February 2018. In April 2020 it partnered with Nasdaq on the Nasdaq CME Crypto Index. In February 2021 it launched HNCI, described as the world's first crypto ETF, followed in April 2021 by HASH11 becoming the largest crypto ETF on Brazil's [B]3. In May 2022 it created NCI Europe and launched its first ETP on the SIX Swiss Exchange, extending listings to Germany, France and the Netherlands in September 2022, when it also launched the Hashdex Bitcoin Futures ETF (DEFI) in the US. November 2022 brought its first smart beta product, HAMO. In March 2024 DEFI converted to hold spot bitcoin; in August 2024 HASH became the largest multi-asset crypto ETP in Europe; and in February 2025 it launched NCIQ, the first multi-asset crypto ETP in the US. In August 2026 it liquidated DEFI.

Risks & controversies

The US funds are not registered under the Investment Company Act of 1940 and disclose heightened volatility and the risk of total loss. The closure of DEFI illustrates the difficulty smaller issuers face reaching scale in a US spot bitcoin ETF market concentrated in large asset managers; the fund peaked at roughly $17.5 million in assets. Reported AUM figures on company pages are inconsistent (over $2B as of July 31, 2026 versus over $1.07B as of August 24, 2026).