VanEck, the asset management firm, has announced its decision to close down and liquidate the Bitcoin Strategy ETF listed on the Cboe BZX Exchange. Launched less than two years ago in November 2021, the ETF's board of directors approved the liquidation after evaluating various factors, including performance, liquidity, assets under management, and investor interest. The move follows the recent approval by the U.S. Securities and Exchange Commission (SEC) for the listing of spot BTC ETF shares by VanEck.
VanEck emphasized that the decision to liquidate the fund was based on a comprehensive analysis of these factors and operational considerations. Shareholders will have the opportunity to sell shares of the Bitcoin Strategy ETF until January 30, with the fund, identified by the ticker XBTF, slated for delisting on February 6. The asset manager hinted that the ETF's trading linked to Bitcoin futures was affected by the SEC's approval of a spot Bitcoin investment vehicle.
While the Bitcoin Strategy ETF is being liquidated, VanEck's Bitcoin Trust ETF, identified by the ticker HODL, commenced trading on the Cboe BZX exchange on January 11. Notably, the recently approved spot Bitcoin ETFs have witnessed robust first-day trading volumes, collectively exceeding approximately $4.5 billion. A report from CoinShares highlighted that inflows into U.S. cryptocurrency products outpaced those of Canada, Germany, and Sweden in the week ending January 12.
