Valkyrie to liquidate and delist Bitcoin-related ETF

2 Min Read
the valkyrie fund to delist etfcompany recorded 18 cents per share this particular quarter, beating the 15 cents per share estimates.

Valkyrie Funds, one of the leading fund managers in the digital assets space, is set to liquidate and delist one of its Bitcoin-related exchange traded funds (ETFs).

The US-based ETF provider looks to offer access to opportunities in the digital asset economy via traditional investment vehicles, with several exchange-traded funds available for investors.

However, as announced on 11 October, the company is liquidating one of the funds. This follows a decision by the board to discontinue the Valkyrie Balance Sheet Opportunities ETF, which had traded on the Nasdaq Exchange under the ticker VBB.

Valkyrie reviewing products to align with client demand

As an actively managed ETF, VBB is invested in innovative public companies that have exposure to bitcoin. Investors had indirect exposure to the cryptocurrency.

According to the firm, liquidation of the ETF is part of Valkyrie’s review of the available products, whose goal is to ensure the company meets its clients’ demands.

“Shareholders may sell shares up until the end of the trading day on October 28, 2022, understanding that a decision to close this fund will not impact any potential brokerage fees due as a result of said transaction.”

Valkyrie Funds in a press release published on 11 October 2022

The liquidation will happen on 31 October, 2022, with the delisting from the Nasdaq to follow.

As per Valkyrie, shareholders who’ll still be holding shares of the liquidated ETF will receive a cash distribution equivalent to their shares’ net asset value (NAV).

Valkyrie Funds launched its Valkyrie Bitcoin Strategy ETF (BTF) in October 2021 after receiving regulatory approval from the US Securities and Exchange Commission (SEC). It also unveiled the Valkyrie Bitcoin Miners ETF (WGMI) in February this year.

But like other companies looking to offer a spot Bitcoin ETF, Valkyrie has yet to get its its proposal approved by the SEC.

The post Valkyrie to liquidate and delist Bitcoin-related ETF appeared first on Invezz.

from Cryptocurrency – Invezz

Share This Article
What Is Cryptocurrency? Crypto Token: Crypto Coin & Crypto Token: Know The Difference