VanEck Decides to Liquidate Bitcoin Strategy ETF Less than Two Years After Launch
Summary:
VanEck, an asset management firm, is set to liquidate its Bitcoin strategy exchange-traded fund (ETF) - listed on the Cboe BZX Exchange since Nov 2021 - less than two years post its launch. The decision, approved by VanEck's board of trustees, followed a week after SEC approved the listing of the firm's spot BTC ETF shares. Citing various factors from performance and liquidity to investor interest, the firm confirmed that shareholders could sell their ETF shares until Jan 30, post which it will be delisted by Feb 6.
VanEck, a prominent asset management company, recently announced that it is in the process of shutting down and liquidating its Bitcoin (BTC) strategy exchange-traded fund (ETF), a mere two years after its inception. On January 17, VanEck revealed that the company's board of trustees had given the green light to dissolve the Bitcoin Strategy ETF on the Cboe BZX Exchange, where it has been listed since November 2021. This move comes approximately a week after VanEck was granted permission by the United States Securities and Exchange Commission to register shares of its spot BTC ETF. As per the statement released by VanEck, the firm regularly reviews and assesses its ETF offerings based on various factors such as performance, liquidity, capital under management, and investor demand, among others. "The liquidation of the fund was a decision driven by a scrupulous analysis of these factors along with other operational aspects," explained VanEck. Furthermore, it was stated that shareholders of the Bitcoin Strategy ETF will still retain the ability to market their shares until January 30, post which, the fund bearing the ticker XBTF will be delisted by February 6. As the story still unfolds, additional information will be provided when available.
Published At
1/17/2024 5:45:42 PM
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