Valkyrie to Liquidate its BTC ETF by the End of October
According to a press release from Tuesday, Valkyrie Funds will liquidate its Bitcoin-focused ETF by the end of October. The fund was listed on NASDAQ in late 2021 and was focused on “innovative public companies with exposure to bitcoin.”
Valkyrie to Liquidate its Balance Sheet Opportunities FUND (VBB)
The Valkyrie Balance Sheet Opportunities FUND (VBB) is an actively managed Bitcoin futures exchange traded fund. It saw its initial listing in October 2021 but now, just a year later, the company running it feels its dissolution is “the best course of action,” and “part of an ongoing review of products aimed at ensuring the firm best meets client demand.”
This action was taken after thorough consultation with the Firm’s Board of Directors, and comes after it was determined that discontinuing the fund was the best course of action for all involved. Shareholders may sell shares up until the end of the trading day on October 28, 2022, understanding that a decision to close this fund will not impact any potential brokerage fees due as a result of said transaction. The fund intends to liquidate on October 31, 2022. Any shareholders still holding shares of the fund at liquidation will receive a cash distribution equal to the net asset value (NAV) of their shares.
This is the third Valkyrie fund and one that got the least amount of exposure. It was marked by investing in companies known to hold Bitcoin—like Musk’s Tesla. The termination of VBB ETF is likely also one of the effects of the current “crypto winter” that saw the value of Bitcoin drop from over $60,000 to less than $20,000 and even $19.000 following the EU’s vote on future crypto regulations.
This article originally appeared on The Tokenist
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Source: Read Full Article
