21Shares to Wind Down Two Bitcoin and Ethereum Futures ETFs Amid Market Weakness
Amid ongoing volatility in the crypto market, 21Shares has announced the liquidation of two of its actively managed exchange-traded funds (ETFs) focused on Bitcoin and Ethereum futures.
The funds set to close—ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY)—will remain open for trading until March 27, with liquidation expected to occur on or around March 28, according to the firm’s statement.
These ETFs, which have expense ratios of 1% and 0.93%, are being discontinued as capital outflows from U.S.-listed spot Bitcoin ETFs surpass $1.66 billion this month. The broader downturn has seen Bitcoin’s price decline 12.8% year-to-date, while the CoinDesk 20 Index (CD20) has dropped by 24% over the same period.
Shareholders who hold their positions until the liquidation date will receive cash distributions based on their share of the fund’s net asset value, the company confirmed.
