VanEck, a prominent asset management firm, has decided to close and liquidate its Bitcoin Strategy exchange-traded fund (ETF), less than two years after its launch. This decision was announced on January 17, following the firm's receipt of approval from the U.S. Securities and Exchange Commission (SEC) to list shares of its spot Bitcoin ETF.
Launched in November 2021, the Bitcoin Strategy ETF (ticker XBTF) will be delisted from the Cboe BZX Exchange by February 6. VanEck cited several factors for this decision, including the ETF's performance, liquidity, assets under management, and investor interest. The firm emphasized its continuous monitoring and evaluation of its ETF offerings, leading to this strategic shift.
This move comes just a week after VanEck received SEC approval for its spot BTC ETF, marking a new direction for the firm's cryptocurrency investment strategies. The VanEck Bitcoin Trust ETF (ticker HODL), which is now available for trading on the Cboe BZX Exchange, saw significant trading volume on its first day, with inflows surpassing those in other countries like Canada, Germany, and Sweden.
This development highlights the evolving nature of cryptocurrency investment vehicles and the shifting landscape of regulatory approval and investor preference in the United States.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
