VanEck to liquidate its Bitcoin Strategy ETF

VanEck to liquidate its Bitcoin Strategy ETF
фото показано с : invezz.com

2024-1-18 20:07

VanEck, one of the investment solutions providers whose spot Bitcoin ETF received the US Securities and Exchange Commission (SEC)’s approval for trading, has announced a major move with regard to one of its earlier approved futures ETFs.

A press release the asset manager published on Wednesday stated that it will be dissolving and liquidating the Bitcoin Strategy ETF (XBTF). VanEck’s board of trustees approved this step, the company said.

The decision is in line with the approval for listing and trading of the VanEck Bitcoin Trust (HODL) on the Cboe BZX Exchange last week. The Bitcoin Strategy ETF, which allowed customers exposure to Bitcoin futures contracts, also traded on the Cboe BZX Exchange.

Why VanEck is closing the futures-based ETF

According to the press release, VanEck is closing and liquidating the XBTF exchange-traded fund based on its assessment of the fund’s performance, liquidity and investor interest. The firm also considered the fund’s assets under management (AUM).

“The decision was made to liquidate the Fund based on an analysis of these factors and other operational considerations,” the statement reads.

Shareholders have the option of selling their XBTF shares up until market close on January 30, 2024, after which Cboe BZX Exchange will delist it. VanEck expects to liquidate the ETF around February 6, 2024 and those who continue to hold the fund’s shares till then will receive cash distributions.

VanEck’s Bitcoin Strategy ETF launched on November 16, 2021 following approval by the SEC. It’s shared have rallied 31% and 76% in the past six months and year respectively. However, it was trading 1.2% down on Wednesday morning following the news.

Meanwhile, the VanEck Bitcoin Trust (HODL) was down 1.7% as Bitcoin struggled for upside following its slump post spot ETF approval.

The post VanEck to liquidate its Bitcoin Strategy ETF appeared first on Invezz

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