CoinShares' Bitcoin and Ether ETF has completed its liquidation process, with the Options Clearing Corporation confirming cash settlement details on October 22. Liquidation proceeds were distributed at $22.16255605 per BTF share, with the adjusted deliverable for a standard options contract set at $2,216.26 in cash.
The fund's closure marks the end of a futures-based investment vehicle that held approximately $15.96 million in assets as of October 20. CoinShares announced the wind-down in September, with October 20 designated as the final day for share trading and creation or redemption orders. Liquidation proceeded as planned around October 21, with remaining shareholders receiving cash based on net asset value after provision for fund expenses and liabilities.
Options Settlement and November Expiry Date
The BTF option symbol remains unchanged, though the underlying contract now references a defined cash deliverable rather than the operating crypto fund. The Options Clearing Corporation has consolidated later-dated options, moving all series previously expiring after November 20, 2026 to that date instead. Contracts with earlier expirations retain their original dates.
Existing American-style options remain exercisable before expiry, with exercised contracts continuing to settle in one business day. Settlement amounts are based on the difference between a contract's total strike amount and its cash deliverable, replacing the delayed-settlement treatment that applied on October 21.
Fund Structure and Asset Composition
BTF's strategy centered on Bitcoin and Ether futures, supported by cash and high-quality debt holdings. The fund was not structured to hold an equivalent number of coins in custody for every share issued. Following the investment adviser's recommendation, the fund's board approved the wind-down.
The closure occurred alongside CoinShares' Altcoins ETF, DIME. Once the cash deliverable has been fixed, subsequent cryptocurrency price movements no longer recreate the ETF exposure that shareholders previously held.
