The leading investment management firm, VanEck has disclosed its plans to cease and liquidate its Ethereum ETF Futures (EFUT). This marks a major setback for ETH price, which was already going through a volatile trading phase amid a broader market downturn. The ETF issuer has cited a flurry of reasons like waning market interest, performance woes, and others, as the primary reasons behind the decision.
VanEck To Close & Liquidate Ethereum ETF Futures
In a recent update, VanEck said that it is closing and will liquidate its Ethereum Futures ETF, listed on the CBOE exchange. The company’s decision follows a detailed review of its product offerings, focusing on factors like liquidity, performance, and overall demand from investors. According to the ETF issuer, the EFUT has failed to meet their expectations, which led to the decision to wind down the fund.
Meanwhile, the firm has notified that the shareholders would be allowed to sell their EFUT shares on the CBOE exchange with September 16, 2024 as the deadline. After this date, the trading will stop and the ETF will be delisted. However, after this date, any investor holding the shares will receive a liquidating distribution based on the net asset value of their holdings on the anticipated liquidation date of September 23, 2024.
The post Breaking: VanEck To Cease And Liquidate Ethereum ETF Futures Amid Waning Market appeared first on CoinGape.
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