VanEck to Liquidate Bitcoin Strategy ETF Following Spot ETF Approval
VanEck Bids Farewell to Bitcoin (BTC) Strategy ETF
The American investment firm VanEck has announced it will liquidate and close its Bitcoin Strategy ETF. This decision comes just a few days after the approval of its Spot Bitcoin ETF application by the U.S. Securities and Exchange Commission (SEC).
Spot Bitcoin ETF vs. Bitcoin Strategy ETF
It’s important to note that these two exchange-traded funds differ from each other. The Spot Bitcoin ETF tracks the price of Bitcoin in real-time, meaning the product provider buys and owns Bitcoin. In contrast, VanEck’s Bitcoin Strategy ETF is tied to Bitcoin futures contracts and does not directly invest in Bitcoin.
Reasons for the Closure of the Bitcoin ETF
VanEck stated that the decision to liquidate the ETF was influenced by factors such as performance, liquidity of the managed assets, investor interest, and operational considerations. Moreover, the fund will officially be delisted on January 30, 2024, giving investors about two weeks to sell their shares. If the shares are not sold, VanEck will pay investors cash in proportion to the “net asset value of their shares” after the ETF’s liquidation. The liquidation date is scheduled for February 6, 2024.
A Brief Review
VanEck introduced the product in November 2021. At the time of the press release, the ETF had a total asset value of $53.29 million and a net asset value of $39.47. The year-to-date return was listed as 1.65% on VanEck’s official website.
This story is still developing, and we will keep you updated as more information becomes available.
Sources: AMBCrypto, VanEck
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