Valkyrie Funds announces ETF liquidation, de-listing
Valkyrie Funds announced the liquidation of the Valkyrie Balance Sheet Opportunities FUND (Nasdaq: VBB) effective October 31, 2022. The decision follows a review of client demand and was approved by the Firm's Board of Directors. Shareholders can sell their shares until the end of trading on October 28, 2022, and will receive a cash distribution equal to the net asset value (NAV) at liquidation. The fund will subsequently be delisted from Nasdaq. Valkyrie Funds emphasizes that expenses related to liquidation will be covered, excluding brokerage fees.
- Shareholders will receive cash distribution equal to the net asset value (NAV) of their shares.
- Liquidation process intends to eliminate underperforming fund, potentially paving the way for better investment strategies.
- Liquidation of VBB reflects a lack of sufficient client demand for the fund.
- Delisting from Nasdaq could impact investor confidence and perception of the firm's fund offerings.
NASHVILLE, Tenn., Oct. 11, 2022 /PRNewswire/ -- Valkyrie Funds, LLC. (the Firm), a leading fund manager focused on digital assets, today announced plans to liquidate one of the exchange traded funds (ETFs) it manages.
The fund set to be closed is the Valkyrie Balance Sheet Opportunities FUND (Nasdaq: VBB), with a CUSIP of 91917A 306. Upon liquidation, the fund will also be delisted from the Nasdaq Exchange. This action has been taken as part of an ongoing review of products aimed at ensuring the firm best meets client demand
This action was taken after thorough consultation with the Firm's Board of Directors, and comes after it was determined that discontinuing the fund was the best course of action for all involved.
Shareholders may sell shares up until the end of the trading day on October 28, 2022, understanding that a decision to close this fund will not impact any potential brokerage fees due as a result of said transaction.
The fund intends to liquidate on October 31, 2022. Any shareholders still holding shares of the fund at liquidation will receive a cash distribution equal to the net asset value (NAV) of their shares.
The Firm will satisfy expenses related to the liquidation and potential distribution of cash proceeds, aside from brokerage expenses.
Valkyrie Funds LLC ("Valkyrie Funds") is a specialized alternative financial services firm at the intersection of traditional finance and the emerging digital asset sector whose affiliates aim to offer asset management, research and other services. Headquartered in Nashville,Valkyrie Funds aims to provide exposure to the digital economy through traditional financial vehicles. Valkyrie Funds is led by seasoned asset managers who have previously launched multiple ETFs, publicly traded funds and Exchange Traded Products, including digital asset funds with backgrounds across Guggenheim Partners, UBS, Chicago Board of Trade, Chicago Mercantile Exchange, and The World Bank.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Such offerings may only be made by prospectus and other offering documents that discloses the risks and disclosures of such offering. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a risk of total loss.
Carefully consider the Funds' investment objectives, risk factors, charges and expense before investing. This and other information can be found in the full prospectus available HERE for the Bitcoin Strategy ETF, HERE for the Innovative Balance Sheet ETF and HERE for the Bitcoin Miners ETF. Read the prospectus carefully before investing or sending money.
ETFs distributed by ALPS Distributors, Inc. Member FINRA.
Investing involves risk, including potential loss of capital.
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document and other statements made from time to time by us or our representatives might not occur.
Media contact
Ryan Gorman
Chief Communications Officer
Valkyrie Investments
ryan@valkyrieinvest.com
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SOURCE Valkyrie Investments
FAQ
What is the plan for the Valkyrie Balance Sheet Opportunities FUND (Nasdaq: VBB)?
When can shareholders sell their VBB shares?
What will happen to shareholders after the liquidation of VBB?
Will VBB be delisted from the Nasdaq?
