VanEck to delist Bitcoin Strategy ETF, citing performance and investor interest

Asset management firm VanEck announced that it plans to close and liquidate its Bitcoin (BTC) strategy exchange-traded fund less than two years after it launched.

In a Jan. 17 announcement, VanEck said its board of trustees approved the liquidation and dissolution of the Bitcoin Strategy ETF on the Cboe BZX Exchange, where it had been listed since November 2021. The decision came roughly seven days after the asset management firm received approval from the United States Securities and Exchange Commission to list shares of its spot BTC ETF.

“VanEck continuously monitors and evaluates its ETF offerings across a number of factors, including performance, liquidity, assets under management, and investor interest, among others,” said VanEck. “The decision was made to liquidate the Fund based on an analysis of these factors and other operational considerations.”

Now that our spot bitcoin ETF has been approved, we are closing our ETF that invested in bitcoin futures. https://t.co/pgf8NaKb4a

— VanEck (@vaneck_us) January 17, 2024

Related: VanEck pledges 5% of spot Bitcoin ETF profits to core devs after SEC approval

The asset manager said shareholders would still be able to sell their shares of the Bitcoin Strategy ETF until Jan. 30, and the fund under the ticker XBTF would be delisted by Feb. 6. In a Jan. 17 X post, VanEck suggested the ETF tied to BTC futures had been removed due to the SEC approving spot Bitcoin investment vehicles.

The VanEck Bitcoin Trust ETF under the ticker HODL has been available for trading on the Cboe BZX Exchange since Jan. 11, with all recently approved spot Bitcoin ETFs topping roughly $4.5 billion in volume on the first day. A report from CoinShares said inflows to U.S. crypto products for the week ending on Jan. 12 exceeded those of Canada, Germany, and Sweden.

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