VanEck announces liquidation of Bitcoin futures ETF
VanEck has made a significant decision that will impact cryptocurrency investment vehicles. In a press release on January 16th, the company announced its plan to liquidate the VanEck Bitcoin Strategy ETF. This move, which was influenced by an extensive analysis of the fund’s performance, liquidity, assets under management, and investor interest, marks a notable change in the ETF landscape.
Shareholders who currently hold positions in the VanEck Bitcoin Strategy ETF (XBTF) have until the market closes on January 30th to sell their shares. After this deadline, the ETF, which has recently experienced a 1.4% decline, will be officially removed from the market. This decision comes at a time of fluctuating fortunes in the cryptocurrency market, with front-month Bitcoin (BTC) futures also witnessing a 1.6% drop, indicating a cautious sentiment among investors.
It is worth noting that the ETF primarily invests in front-month Bitcoin futures and has an average trading volume of approximately 37,000 shares over the past 30 days, according to FactSet data. However, it does not directly invest in Bitcoin or other cryptocurrencies.
Currently, Bitcoin is trading at $42,300, experiencing a 2.2% price decrease in the last 24 hours. The trading volume has also significantly decreased from $62 billion at the time of the Bitcoin ETF approval to the current value of $22 billion.
For more information, you can refer to the seven-day price chart of Bitcoin provided by CoinMarketCap. Additionally, stay updated with the latest news by following us on Google News.
