Valkyrie to liquidate ETF tied to shares of Bitcoin-investing companies

The asset manager Valkyrie Investments announced the liquidation of an exchange-traded fund (ETF) based on the shares of companies that directly or indirectly invest in, trade, or hold Bitcoin as a reserve asset.

The Valkyrie Balance Sheet Opportunities ETF will be delisted from Nasdaq. According to the press release, shareholders may transact through October 28, 2022.

The firm had planned to liquidate the structure on October 31.

“The decision was taken after careful consultations with the firm’s board of directors and after it was determined that winding down the fund would be the best course of action for all participants,” the statement said.

The Valkyrie Investments launched the fund in December 2021. It included shares of Coinbase, Block (formerly Square), MicroStrategy, Argo Blockchain, Phunware, Metromile, Silvergate Capital, Marathon Digital Holdings, Riot Blockchain, BTCS, Globant, Robinhood Markets, BlackRock, Mastercard Incorporated, Overstock.com, PayPal Holdings, and Tesla.

Earlier, in October 2021, Nasdaq began trading a futures-based bitcoin ETF from Valkyrie Investments.

At the end of January 2022, the firm filed an application to launch an ETF based on the shares of companies deriving at least 50% of their profits from mining Bitcoin.

In February, the U.S. Securities and Exchange Commission approved the instrument.

In the spring, Valkyrie Investments announced the launch of a trust for accredited investors focused on the native token of the Avalanche network.

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