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Bitwise to liquidate six option-income crypto ETFs after July 31
Remaining shareholders as of Aug. 3 will be automatically redeemed for cash at the funds’ NAV, with expected redemption proceeds arriving on or around Aug. 10.
Bitwise is liquidating six option-income crypto ETFs, with Friday, July 31 set as the final trading day for shareholders in ICOI, IMRA, IMST, IGME, ICRC, and IETH, according to a filing reviewed by CryptoSlate.
The Bitwise Funds Trust board voted June 30 to liquidate the funds, and the products were scheduled to stop accepting creation and redemption orders after the July 31 close, leaving holders without a trading execution choice once trading ends.
Shareholders still holding shares as of Aug. 3 will face an automatic cash redemption rather than an exchange sale. The final net asset value calculation is expected on Aug. 7, and the firm expects proceeds to reach investors through brokers or other financial intermediaries on or around Aug. 10.
CryptoSlate notes that all six funds reported a 0% 30-day SEC yield, while Bitwise’s earlier distribution estimates varied by ETF, including annualized distribution rates that ran from 11.15% for IETH to 25.93% for IMST in an April payout estimate. The filing also explains that distributions may be classified as return of capital and can reduce NAV, but that such classification is not proof a payout was fictitious.