VanEck to shutter Ethereum futures ETF as investors shift to spot ETHV

The investment manager VanEck will close and liquidate its Ethereum futures ETF. 

The decision was related to the approval of VanEck's spot Ethereum ETF ETHV, the firm noted on the social media platform X. 

The VanEck Ethereum Strategy ETF (EFUT) invests in ether futures contracts instead of the digital asset itself. Listed on the exchange CBOE, EFUT held $21.24 million in total net assets and maintained an NAV of $20.23 as of Sept. 5, according to the fund's website . EFUT launched on Oct. 2, 2023. 

EFUT shareholders have until market close on Sept. 16 to sell shares, the company release continued. After that time, EFUT shares will be de-listed. Those who still hold EFUT shares will have their holdings liquidated on Sept. 23 for a cash amount equivalent to the value of their shares. 

"VanEck continuously monitors and evaluates its ETF offerings across a number of factors, including performance, liquidity, assets under management and investor interest, among others," the firm wrote in a Friday release. "The decision was made to liquidate the Fund based on an analysis of these factors and other operational considerations."

The Securities and Exchange Commission approved VanEck's spot Ethereum ETF ETHV along with seven other spot ether funds in May of this year. ETHV maintains 1.97% of the total market share volume for spot ether ETFs and brought in $2.11 million in daily trading volume on Sept. 5, according to The Block's Data Dashboard. 

The Block reached out to VanEck's media representation for comment.