Valkyrie Funds, a major US crypto fund manager, will soon liquidate one of its bitcoins (
On October 11, the company announced plans to close the Valkyrie Balance Sheet Opportunity ETF, a cryptocurrency investment product that provides indirect exposure to BTC.
The fund will be delisted from the Nasdaq as Valkyrie plans to liquidate the ETF on October 31, 2022.
According to the announcement, shareholders will be able to sell the shares until the end of the trading day on October 28, 2022. Any investor who still owns shares in the fund upon liquidation will receive a cash payment equal to the net asset value of their shares. Message notes.
The company also said it would cover costs associated with the liquidation and potential cash distribution, as well as brokerage costs.
Valkyrie noted that the decision to close the fund came as part of an ongoing product review as the company strives to “best meet customer demand,” saying:
“This action was taken after careful consultation with the Company’s Board of Directors and after it has been determined that liquidation of the Fund is the best course of action for all concerned.”
Valkyrie Funds is one of the largest issuers of cryptocurrency ETFs in the United States. The company is best known for launching one of the first bitcoin futures ETFs in the US last October after approval by the US Securities and Exchange Commission. The ETF product is called the Valkyrie Bitcoin Strategy ETF (BTF).
Launched in December 2021, the Valkyrie Balance Sheet Opportunity Program, which will soon be delisted, is showing securities of US companies with Bitcoin on its balance sheet. Listed under the VBB tape, the ETF tracks companies such as cryptocurrency managers, exchanges, and trading firms.
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Despite the delisting of VBB, Valkyrie continues to manage funds including the BTF and the Valkyrie Bitcoin Miners (WGMI) ETF. The latter was launched in February 2022 and 80% of its holdings belong to the securities of companies that generate revenue or profits from BTC mining.
The company did not immediately respond to Cointelegraph’s request for comment. This article will be updated with new information pending.