CoinShares BTF Fund Liquidated: Cash Payout and Earlier Options Expiry Date

what happened

CoinShares' Bitcoin and Ether fund, BTF, has completed its liquidation, and holders are being paid in cash. According to newsbtc.com, citing an October 22 notice from the Options Clearing Corporation, proceeds came to $22.16255605 per share. For a standard options contract, the adjusted deliverable is $2,216.26 in cash rather than shares. The ticker for BTF options stays the same.

Series that previously expired after November 20, 2026 will now expire on that date, while contracts with earlier expirations keep their original dates. American-style options can still be exercised before expiry, and exercised contracts settle within one business day. Settlement is calculated from the gap between the total strike amount and the cash deliverable.

Share trading and creation or redemption orders ended on October 20, with liquidation planned for around October 21. The fund mainly used Bitcoin and Ether futures rather than holding coins directly, and as of October 20 its assets stood at about $15.96 million. The closure was announced in September, alongside the altcoin fund DIME.

why it matters

For markets, this is the closing of one product rather than a signal about Bitcoin or Ether prices. Once the fund's holdings have turned into cash, later moves in coin prices do not recreate the exposure shareholders had before. The news matters mainly for anyone holding BTF options, since their expiry timing and settlement terms have changed.

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