Asset management firm VanEck has announced that it plans to close and liquidate its Bitcoin (BTC) strategy exchange-traded fund less than two years after its launch.
In a Jan. 17 announcement, VanEck said its board of trustees has approved the liquidation and dissolution of the Bitcoin Strategy ETF on the Cboe BZX exchange, where it has been listed since November 2021. The decision comes about seven days after the asset management firm received SEC approval to list shares of its BTC spot ETF.
“VanEck continually monitors and evaluates its ETF offerings based on a number of factors, including performance, liquidity, assets under management and investor interest, among others,” VanEck said. “The decision to liquidate the Fund was made based on an analysis of these factors and other operational considerations.”
The asset manager said shareholders will still be able to sell their Bitcoin Strategy ETF shares until January 30, and the fund under the ticker XBTF will be delisted by February 6.
This is a developing story and more information will be added as it becomes available.