$89,500,000,000 Asset Manager To Shut Down Bitcoin Futures ETF

According to the latest reports, it looks like a massive asset manager is shutting down BTC futures ETF. Check out the latest reports about this below.

New reports reveal that an important asset manager, a financial services giant with nearly $90 billion in assets under its management is shutting down its futures Bitcoin (BTC) exchange-traded fund (ETF).

It’s worth noting that this development is taking place only a few days after the U.S. Securities and Exchange Commission gave the green light to numerous spot market BTC ETFs.

As per a recent press release, VanEck, an investment management firm based in New York, has announced its intention to shut down and liquidate the VanEck Bitcoin Strategy ETF, an exchange-traded product that is currently listed on the Chicago Board Options Exchange (CBOE).

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

VanEck has announced that its futures ETF will close on January 30th while its scheduled liquidation date is February 6th. If investors continue to hold shares, they will receive a proportional amount of cash in their accounts.

Last week, the SEC made a highly anticipated decision to approve spot market BTC ETFs after years of rejecting them. This has created the first-ever connection between the digital assets industry and Wall Street.

Marquee firms such as VanEck, BlackRock, Fidelity, ARK Invest, and Franklin Templeton have had their bids approved.

With spot market BTC ETFs, investors can gain exposure to the crypto king without actually purchasing the digital asset itself.

Earlier this year, VanEck had pledged to donate some of its profits to support Bitcoin Core developers for at least 10 years if the regulatory agency approved its application for a spot BTC ETF.

Bitcoin is trading for $42,267 at time of writing, a 2.1% increase during the last 24 hours.