Valkyrie Funds, a top-tier crypto fund manager in America, will reportedly be soon going to process liquidation for one of its Bitcoin-related exchange-traded funds (ETFs).

Specifically, the company reportedly revealed on Oct. 11 its plans to conclude the Valkyrie Balance Sheet Opportunities ETF, a crypto investment product offering indirect exposure to BTC.

The fund will be delisted from the Nasdaq Exchange with Valkyrie having intentions of liquidating the ETF on Oct. 31st this year. 

Per the announcement, shareholders will reportedly have the ability to sell shares up until the end of the trading day on Oct. 28, 2022. Any investors still carrying the fund shares at liquidation will receive a cash distribution equivalent to the net asset value of their shares. 

The company also claimed that it will meet demands associated with expenses related to the liquidation and potential distribution of cash proceeds, apart from brokerage expenses.

Valkyrie also stated that the liquidation decision for the fund has been carried out as included in the scope of an ongoing review of products, with the firm aims to “best meet client demand”. 

“This action was taken after thorough consultation with the Firm’s Board of Directors and came after it was determined that discontinuing the fund was the best course of action for all involved.”

Valkyrie Funds is among the high-profile establishments in the U.S. issuing cryptocurrency ETFs. The firm is known for releasing one of the first Bitcoin futures ETFs in the U.S in October 2021, after securing greenlight from the U.S. Securities and Exchange Commission. 

The ETF product is dubbed the Valkyrie Bitcoin Strategy ETF (BTF).

The soon-to-be-delisted Valkyrie Balance Sheet Opportunities was launched in December 2021, offering exposure to securities of U.S. companies with Bitcoin on their balance sheets. Listed under the ticker VBB, the ETF tracks companies like crypto custodians, exchanges and trading firms.