CoinShares BTF Liquidation Confirms Cash Payout And November 20 Options Expiry

CoinShares' Bitcoin and Ether ETF has reached cash settlement, with liquidation proceeds distributed at 22.16255605 per BTF share. The adjusted deliverable for a standard options contract is 2216.26 in cash, replacing its previous share-based exposure.

An October 22 notice from the Options Clearing Corporation (OCC) states that options series previously expiring after November 20, 2026, will now expire on November 20. Earlier expiration contracts retain their dates, and existing American-style options remain exercisable before expiry, settling in one business day.

Settlement is based on the difference between the contract's total strike amount and its cash deliverable, ending the delayed-settlement treatment from October 21. This adjustment does not reflect a directional view on Bitcoin or Ethereum, as subsequent price moves do not recreate the ETF exposure previously held by shareholders.

CoinShares announced the closure of the fund in September, alongside its Altcoins ETF, DIME. October 20 marked the final day for share trading and creation or redemption orders, with liquidation planned around October 21. Remaining holders will receive cash based on net asset value after accounting for the fund's expenses and liabilities.

As of October 20, the fund reported approximately 15.96 million in assets. This figure reflects the product's status, not the overall financial health of CoinShares. The closure serves as a reminder that investment vehicles have distinct lifecycles, with fund shares, direct coin holdings, and derivatives responding differently to corporate events.

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