Surprise Statement From Valkyrie About Its Bitcoin (BTC) Focused ETF: Will Liquidate!

Cryptocurrency asset manager Valkyrie Funds said in a statement that it has failed to fail for less than a year. bitcoin announced that it will liquidate the Balance Sheet Opportunities ETF (VBB), a bullish investment vehicle.

Investors Didn’t Show Interest In The Company’s Third Bitcoin-Focused ETF

In a statement from the company, it was stated that the fund will be liquidated at the end of October and then removed from the Nasdaq, where it has been trading since December 2021. According to the regulatory documents, investors holding the ETF through liquidation will receive a cash payment for the value of their shares.

Valkyrie said the termination of the fund was “the best course of action”, adding that the decision to terminate the fund was “part of an ongoing review of products with the goal of ensuring the firm best meets customer demand.”

Investors have never shown high interest in this third ETF of Valkyrie, where companies such as Tesla and MicroStrategy, which hold Bitcoin in their balance sheets, have the largest positions.

The amount of assets under management in the ETF stands at around $570,000. That’s a pretty low number for an ETF.

The majority of crypto-enthusiast companies in the Balance Sheet Opportunities ETF have performed below the S&P 500 since the beginning of the year. While these companies lost 50% in value, the amount of loss in the indicator index remained around 25%.

Let us remind you that not all companies in the ETF hold Bitcoin on their balance sheets.

The cryptocurrency world is still on hold for a spot Bitcoin ETF product.

*Not investment advice.

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