21Shares to Liquidate Two Crypto Futures ETFs as Market Downturn Continues
Crypto asset manager 21Shares has announced plans to shut down two of its actively managed exchange-traded funds (ETFs) linked to Bitcoin and Ethereum futures, citing unfavorable market conditions.
The two ETFs—ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY)—will be available for trading until March 27, with liquidation scheduled for on or around March 28, according to the company’s statement.
With expense ratios of 1% and 0.93%, these funds are being closed amid heavy outflows from U.S.-listed spot Bitcoin ETFs, which have seen more than $1.66 billion in withdrawals this month. Meanwhile, Bitcoin’s price has fallen 12.8% year-to-date, and the CoinDesk 20 Index (CD20) has dropped by approximately 24% over the same period.
Investors who continue holding their shares until liquidation will receive a payout reflecting their share of the fund’s net asset value, 21Shares confirmed.
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