The firm noted that after liquidation, the fund would be delisted from the Nasdaq Exchange in what the company termed an ongoing review of its products ‘aimed at ensuring the firm best meets client demand’, Valkyrie Funds said in a press statement on October 11. The Exchange Traded-Fund (ETF) fund is a Bitcoin (BTC) bull-focused investment vehicle that has risen in popularity over the last year.
Investors allowed to sell shares
Ahead of the Bitcoin ETF liquidation, shareholders are allowed to sell their shares until October 28, with the brokerage fees not expected to change. By October 31, investors with shares will receive a cash distribution equal to the net asset value of their stake. Upon liquidation, the fund will also be delisted from the Nasdaq Exchange. Notably, Valkyrie’s ETF has not attracted much investor interest despite hosting positions for firms like electric vehicle manufacturerTesla (NASDAQ: TSLA) and MicroStrategy (MSTR). The decision comes after the fund suggested that the ongoing crypto market price downturn might have hit bottom. According to the fund’s co-founder, Steven McClurg, Bitcoin is showing signs of “constructive developments with a minor increase of supply held by long-term investors”. The decision to liquidate also follows an announcement by Valkyrie to expand its services to offer a separately managed account (SMA). The account seeks to accommodate traditional investors to different crypto investment portfolios.
