The leading crypto asset manager Valkyrie Funds, is all set to liquidate one of the exchange-traded funds (ETFs) it manages.
Pasak pareigūno pranešimą spaudai, the company plans to close its Valkyrie Balance Sheet Opportunities FUND (VBB), an investment product offering indirect exposure to BTC.
- The soon-to-be-delisted fund, under the ticker VBB, was first launched in December 2021 and granted exposure to the securities of US companies with Bitcoin on their balance sheets.
- The ETF does not invest in bitcoin directly or indirectly through the use of derivatives; rather, it tracks companies like crypto custodians, exchanges, and trading firms.
- After the liquidation, the fund will be delisted from the Nasdaq Exchange.
- Valkyrie said the decision was taken after thorough consultation with the Board of Directors and agreed that the best course of action for all involved will be discontinuing the fund.
- The trading day will conclude on October 28th. Till then, shareholders may sell their shares.
- The fund manager argued that the move to close this fund will not have any impact on potential brokerage fees due as a result of said transaction.
- Shareholders still holding shares of the fund at liquidation will receive a cash redemption for the net asset value (NAV) of their shares.
- The announcement also noted that, aside from brokerage expenses, Valkyrie will satisfy expenses with respect to the liquidation and potential distribution of cash proceeds.
- Apart from VBB, Valkyrie still manages other funds, including Valkyrie Bitcoin Miners ETF (WGMI), which recently pelnė approval from the SEC for trading on Nasdaq.
- Earlier this year, Valkyrie’s XBTO Bitcoin Futures Fund was given a žalia šviesa by the regulatory agency.
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Source: https://cryptopotato.com/valkyrie-funds-to-liquidate-bitcoin-focused-investment-vehicle/