Crypto asset manager Hashdex is set to close and liquidate its $14.7 million spot bitcoin BTC$63,541.22 exchange-traded fund, in what may be the first liquidation of a U.S. spot bitcoin offering.

Bitcoin futures ETFs have closed before, including VanEck’s XBTF in 2024, but no U.S. fund holding bitcoin directly appears to have previously been liquidated.

Hashdex cited an evaluation of the fund’s assets under management, liquidity, operating costs, investor interest and its place within the company’s broader product lineup when announcing the closure.

Flows into the ETFs, which were first approved in January 2024, have dwindled as investors chased the better returns offered by AI-related investments. Taken as a group, the funds have seen net outflows in each of the past three months, according to data from SoSoValue.

“Much of the market views the opportunity cost of holding BTC as too high while anything AI-related soars,” K33 Research head Vetle Lunde wrote in a June report.

BlackRock’s iShares Future AI & Tech ETF gained 39% through July and held $3.6 billion in assets while the crypto market fell roughly 36%, based on the CoinDesk 20 (CD20) Index.

Nigeria’s tax authority has laid out detailed rules for how cryptocurrency and other virtual-asset transactions should be taxed, focusing heavily on the compliance role of exchanges and peer-to-peer (P2P) marketplaces. The Nigeria Revenue Service (NRS) says platforms must collect, report, and remit taxes under the country’s existing legal framework—while in some cases paying withheld amounts in digital tokens.

In its Guidelines on Taxation of Virtual Assets, the NRS specifies that income tax deducted at source and stamp duty “shall be remitted to the Service in the originating token of the transaction.” Value-added tax (VAT), however, must be remitted in the currency used for the payment.

Key takeaways

• Exchanges and P2P platforms are positioned as the primary tax “withholding and reporting” gatekeepers under Nigeria’s virtual-asset tax rules.
• Withholding rates differ by activity: 1% applies to taxable disposals, while a 10% rate applies to staking, mining, airdrops, and certain DeFi-related items.
• Stamp duty on token-to-fiat and fiat-to-token transfers is set at 1.5% and must be remitted in the originating token, while VAT is paid in fiat.
• Withheld amounts are treated as advance payments credited against a taxpayer’s final income tax liability, with individuals on progressive rates and most companies at a 30% rate.
• Stablecoin sales are exempt from the 1% withholding tax for taxable disposals.

Withholding rules for exchanges, P2P marketplaces, and service activity

The NRS guidelines assign exchanges and P2P marketplaces central responsibility for withholding, reporting, and remitting tax. Under the framework, platforms must withhold 1% of proceeds from taxable disposals of crypto assets, security tokens, and applicable non-fungible tokens (NFTs).

The document also sets higher withholding for certain forms of virtual-asset income. A 10% withholding rate is applied to proceeds connected to staking, mining, airdrops, and decentralized finance (DeFi) activity where those transactions fall under the rules.

For conversion-related activity, the guidelines address stamp duty for transfers between tokens and fiat. Token-to-fiat and fiat-to-token transfers are subject to a 1.5% stamp duty—again with remittance required in the originating token for the withheld amount—while VAT is remitted in the payment currency.

Practically, these distinctions matter for compliance operations. Different workflows (asset disposal versus yield participation versus token conversion) trigger different withholding and remittance requirements, meaning platforms will need to map transaction types to the appropriate tax treatment and ensure the correct tax is withheld and accounted for at the point of transaction.

How remittances work: “advance” withholding and token-based payment

The guidelines describe withheld amounts as advance payments that are credited against a taxpayer’s final income tax bill. That structure is designed to allow the tax burden to be collected earlier—at the time platforms process transactions—rather than solely through later individual or corporate filings.

Tax outcomes still vary depending on the taxpayer type. Individuals are taxed under progressive rates, while companies other than small companies face a 30% rate, according to the guidelines. The NRS also makes stablecoin sales exempt from the 1% withholding tax tied to taxable disposals, which could reduce withholding friction for certain trading pairs and custody events involving stablecoins.

One of the most operationally sensitive elements is the instruction that certain withheld taxes be remitted in digital tokens, specifically “the originating token of the transaction.” For platforms, this means tax remittance processes must be built to handle crypto-denominated tax obligations rather than relying only on fiat settlements. The guidance’s split—token-based remittance for income tax deducted at source and stamp duty, but fiat remittance for VAT—also increases the need for careful accounting across tax categories.

Nigeria’s tax framework: from executive direction to implementation details

The NRS publication arrives after Nigeria’s government took steps to structure virtual-asset regulation and administrative implementation. An executive order signed by President Bola Tinubu established a Virtual Asset Council chaired by the central bank, with the NRS and the Securities and Exchange Commission serving as vice chairs. Earlier this month, Nigeria’s presidency indicated that the NRS would release a policy to implement the country’s tax laws for virtual assets.

Nigeria’s broader tax overhaul came into force on Jan. 1 under the Nigeria Tax Act, alongside the Nigeria Tax Administration Act of 2025. The legislation treats digital assets as chargeable assets and requires virtual asset service providers to report transaction details, including customers’ names, contact information, and Tax Identification Numbers.

Earlier steps also set the groundwork for taxing crypto gains. Through the Finance Act 2023, Nigeria had already explicitly subjected gains from crypto disposals to taxation via a flat 10% capital gains tax. The 2025 framework did not just continue that approach—it replaced the earlier treatment and, importantly, the guidelines now spell out how gains should be valued and how withholding, remittance, and reconciliation are expected to work.

For investors and traders, the shift from a one-size capital gains treatment toward a withholding-driven model is significant. It changes when tax is effectively collected and how frequently compliance checkpoints occur. Instead of only reflecting tax outcomes at the end of an individual’s or company’s reporting period, platforms may now impose withholding as transactions occur, requiring users to retain adequate records to reconcile advances with final tax liability.

What to watch next for compliance and market participants

As the NRS guidelines take effect, the main question for market participants is execution: how exchanges and P2P operators will implement token-denominated remittances, classify transaction types for the correct withholding rates, and reconcile advance withholding against final tax returns under Nigeria’s progressive and corporate tax rules. Users should expect more documentation and reporting demands, while platforms will need to ensure their transaction monitoring and tax accounting workflows match the categories laid out by the NRS.

Nigeria’s revenue authority has issued detailed crypto tax rules requiring exchanges and P2P marketplace operators to collect, report and remit taxes arising from virtual asset transactions.

The Nigeria Revenue Service published the Guidelines on Taxation of Virtual Assets on July 31. The agency announced the framework publicly on Aug. 3, saying it explains how the Nigeria Tax Act 2025 and Nigeria Tax Administration Act 2025 apply to digital assets.

One of the most unusual requirements concerns the form of payment. Income tax deducted at source and stamp duty must be remitted to the NRS in the token used for the underlying transaction. VAT must instead be paid in the currency used for payment, according to the guidelines.

This reputation is not without foundation. Cramer’s prediction history is marked by notable flip flops and high profile misses.

In December 2017, right as bitcoin was climbing toward its first run at $20,000, he called it “monopoly money” and said buying it was pure gambling and not investing. In September 2020, he supposedly bought the cryptocurrency around $10,000 after a podcast conversation with investor Anthony Pompliano, and later added more that year.

The reversals kept coming. In June 2021, he sold most of his bitcoin holdings, citing China’s crackdown on crypto mining. Prices went on to hit lifetime highs near $70,000 by November 2021.

In January 2024, he warned of a “nasty” bitcoin selloff following the debut of spot bitcoin ETFs in the U.S. While prices did drop slightly to $40,000, the decline was anything but nasty and by March, prices had rallied to $70,000.

Cramer changed his view in January 2025, calling bitcoin “a great thing to have in portfolio” and urging investors to own the token themselves instead of seeking an indirect exposure through bitcoin-holding firm Strategy (MSTR).

Last month, he swung bearish, calling bitcoin and gold “bad money” that’s being liquidated in favor of high-growth names like SpaceX, Apple and Nvidia. Now, in August 2026, he’s planning a full exit.