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CoinShares’ Bitcoin and Ether ETF (BTF) has reached cash settlement, with liquidation proceeds distributed at $22.16255605 per share. An October 22 notice from the Options Clearing Corporation (OCC) confirmed the payout and established a new timeline for outstanding options contracts.
Cash Settlement Mechanics
The OCC notice specifies that the adjusted deliverable for a standard options contract is $2,216.26 in cash. This amount replaces the former share-based exposure, meaning the contract now references a defined cash deliverable rather than an operating crypto fund. The BTF option symbol remains unchanged despite this shift in the underlying asset.
Settlement for these contracts is based on the difference between the contract’s total strike amount and its cash deliverable. The adjustment ends the delayed-settlement treatment that applied on October 21. Existing American-style options remain exercisable before their expiry dates, and exercised contracts continue to settle in one business day.
Revised Options Expiry Dates
According to the OCC, series previously expiring after November 20, 2026, will now expire on that date instead. Contracts with earlier expirations retain their original dates. This change accelerates the final resolution of the fund’s derivative obligations, ensuring that all remaining contracts are settled by the new deadline.
The move to a cash deliverable separates the fund’s remaining obligations from directional price movements in Bitcoin or Ethereum. Once the deliverable becomes cash, subsequent coin-price moves do not recreate the ETF exposure that shareholders previously held.
Fund Closure And Asset Details
CoinShares announced the closure of BTF in September, alongside its Altcoins ETF, DIME. October 20 was the final day for share trading and creation or redemption orders, with liquidation planned for around October 21. The fund’s board approved the wind-down following the investment adviser’s recommendation.
The manager stated that remaining holders would receive cash based on net asset value after provision for the fund’s expenses and liabilities. BTF’s structure was built primarily around Bitcoin and Ether futures, with cash and high-quality debt supporting the strategy. The fund did not keep an equivalent number of coins in custody for every share.
Published figures as of October 20 showed approximately $15.96 million in assets. This snapshot reflects the value of this specific product at the time of its final trading day.
Frequently Asked Questions
What is the cash payout amount per BTF share?
Liquidation proceeds were distributed at $22.16255605 per BTF share, as confirmed by the October 22 OCC notice.
When do BTF options with later expiries now expire?
Series previously expiring after November 20, 2026, will now expire on November 20, 2026.
