TL;DR: CoinShares’ Bitcoin and Ether ETF has reached cash settlement. An OCC notice confirms the payout and brings later-dated BTF options forward to a November 20 expiry.
The closing chapter for CoinShares’ Bitcoin and Ether ETF now comes with a precise cash amount and a deadline for outstanding options. The details matter because a fund can stop trading before every contract linked to it has expired.
According to an October 22 notice from the Options Clearing Corporation, liquidation proceeds were distributed at $22.16255605 per BTF share. The adjusted deliverable for a standard options contract is $2,216.26 in cash, replacing its former share-based exposure.
The BTF option symbol remains unchanged. That continuity should not be mistaken for continuity in the investment underneath it: the contract now references a defined cash deliverable rather than an operating crypto fund.
November 20 Becomes The Final Date For Later Series
OCC says series previously expiring after November 20, 2026 will expire on that date instead. Contracts with earlier expirations retain those dates. Existing American-style options remain exercisable before expiry, and exercised contracts continue to settle in one business day.
Settlement 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.
Those mechanics are separate from a directional view on Bitcoin or Ethereum. Once the deliverable has become cash, subsequent coin-price moves do not recreate the ETF exposure that shareholders previously held.
A Futures Fund Reaches The End Of Its Run
CoinShares announced the closure in September, alongside its Altcoins ETF, DIME. October 20 was the final day for share trading and creation or redemption orders, with liquidation planned around October 21.
The manager said remaining holders would receive cash based on net asset value after provision for the fund’s expenses and liabilities. Its board approved the wind-down following the investment adviser’s recommendation.
BTF’s structure is also relevant. The fund’s own product information describes a portfolio built primarily around Bitcoin and Ether futures, with cash and high-quality debt supporting the strategy. It was not a vehicle that simply kept an equivalent number of coins in custody for every share.
Its published figures as of October 20 showed approximately $15.96 million in assets. That is a dated snapshot of this individual product, not evidence of money leaving every fund managed by CoinShares.
For the wider crypto exchange ecosystem, closures are a reminder that investment wrappers carry their own lifecycles. Fund shares, direct coin holdings and derivatives can respond differently to the same corporate event.
The new information here is the completed payout and the revised options timetable. Treating it as a fresh Bitcoin sale announcement would miss what has actually changed: BTF’s remaining obligations are being resolved in cash.
Written by the News Desk and edited by Samuel Rae.