Market Slump Forces 21Shares to Liquidate Two Bitcoin and Ether Futures ETFs.

21Shares to Shut Down Two Bitcoin and Ether Futures ETFs as Market Struggles

Amid ongoing market turbulence, crypto asset manager 21Shares has announced the closure of two actively managed exchange-traded funds (ETFs) tied to Bitcoin and Ethereum futures.

The affected funds, ARK 21Shares Active On-Chain Bitcoin Strategy ETF (ARKC) and ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY), will no longer be available for trading after March 27, with liquidation set to occur on or around March 28, according to an official statement.

With expense ratios of 1% and 0.93%, these ETFs are being phased out as U.S.-listed spot Bitcoin ETFs experience a sharp $1.66 billion in outflows this month. The broader crypto market downturn has seen Bitcoin fall 12.8% year-to-date, while the CoinDesk 20 Index (CD20) has dropped by nearly 24%.

Investors holding shares until liquidation will receive a payout based on their share of the fund’s net asset value, the company confirmed.