MeritValue

Hashdex Commodities Trust

DEFIdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Hashdex Commodities Trust earns about 41% on equity, but has diluted owners by 140% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $122.89 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue———
Net income$1.42M1$10.6M2−$474,4502
Operating cash flow$1.12M3−$3.56M4$2.49M4
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$1.87M5$29,6806$52,1336
Diluted shares50,000140,000120,000

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$991.48
your share of equity
Profit it earned you last year
−$39.54
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $991.48 of net worth that earned you −$39.54 last year.

iii. Is this a good business?
Moat signal · return on equity
41% avg · 3y
FY23 56%FY24 71%FY25 -4%

It earned an average 41% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+140% shares · 3y

Share count is up 140% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$122.89
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.42M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001999371-25-003109 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001999371-26-007288 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001999371-25-003109 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001999371-26-007288 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001999371-25-003109 (CashAndCashEquivalentsAtCarryingValue)
  6. 10-K · period ending 2024-12-31 · accession 0001999371-26-007288 (CashAndCashEquivalentsAtCarryingValue)