VanEck Announces Closure and Liquidation of Ethereum Futures ETF
Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...
VanEck has announced on September 6 that its Ethereum Futures Exchange-Traded Fund (ETF) will be closed and liquidated, with the final trading day scheduled for September 16, 2024, on the Chicago Board Options Exchange (CBOE).
Now that our spot ethereum ETP has been approved, we are closing our ETF that invested in ethereum futures. https://t.co/xYfK6StoWS
This decision follows an internal review of the fund’s performance, liquidity, and investor interest.
The ETF will remain available for trading until the market closes on September 16, after which it will be delisted.
Shareholders holding shares as of the liquidation date, expected around September 23, will receive a cash payout based on the net asset value (NAV) of their holdings, which will be deposited into their brokerage accounts.
Before the closure, the fund may issue a final distribution of any remaining income and capital gains.
Shareholders should consider the potential tax implications of the liquidation, including capital gains or losses, which will be reflected in their year-end tax reporting.
VanEck will provide details of the final tax status with the year-end reports.
As VanEck prepares to close its Ethereum Futures ETF, it is also considering opportunities in Solana ETFs.
Matthew Sigel, VanEck’s Head of Digital Assets Research, pointed to a 2018 fraud case involving My Big Coin as a precedent that could pave the way for Solana’s regulatory classification.
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