ETC Group is shutting two exchange-traded merchandise (ETPs) monitoring cryptocurrencies polygon and polkadot due to low demand.
In a shareholder discover, ETC Group issued obligatory redemption notices for the ETC Group Bodily Polkadot ETP (PLKA) and the ETC Group Bodily Polygon ETP (MTCE)
Below the phrases of the ETPs, ETC Group holds the proper to terminate the merchandise after 90 consecutive days of buying and selling with lower than $100m belongings beneath administration (AUM).
Following the obligatory redemption discover, which was issued on 27 August, buyers had 20 days to redeem their belongings.
ETC Group mentioned it will inform shareholders within the ETPs it’s auctioning the merchandise’ underlying belongings “round 40 days” after issuing the redemption notices, with extra particulars on these auctions to be supplied on the corporate web site.
PLKA launched in December 2021 whereas MTCE was unveiled in March 2022.
Final December, the agency closed its bitcoin money, stellar, tezos and uniswap ETPs amid low demand for particular person small-cap cash.
A month earlier, ETC Group closed its (PoW) ethereum ETP lower than two months after launch because it couldn’t discover an eligible depository for its underlying.
Earlier this yr, it launched the primary crypto ETP to monitor an MSCI index, the ETC Group MSCI Digital Property Choose 20 ETP (DA20).
