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- Defiance Digital’s first-ever NFT-based ETF is winding down at the end of January 2023.
- The Defiance Digital ETF will be liquidated on February 28, 2023, before shutting the business down.
- The fund’s CEO and CIO said the fund was unable to attract investors.
At the end of January, the first-ever NFT-focused ETF will come to an end as the long-running crypto downturn continues to hurt.
According to a press release from the company, the fund, which was established by Defiance Digital at the end of 2021, will liquidate the assets in its portfolio in the middle of February. It had been tracking NFT indexes as well as crypto firms.
Defiance ETFs, LLC, the investment adviser of the Defiance Digital Revolution ETF, has recommended to the Board of Trustees of ETF Series Solutions that the Fund be closed and liquidated on February 28, 2023, immediately following the close of business. The NYSE Arca, Inc. is where the fund’s shares are listed.
Bloomberg News reported, the fund’s CEO and CIO, Sylvia Jablonski, shared that the fund had trouble attracting investors.
The action is taken despite the market showing some signs of life. The Block’s data dashboard shows that NFT sales experienced a small rise in December, increasing 13% to end an eight-month slump. The increase was attributed to tax loss harvesting and new products released by well-known players in the industry.
As per sources, t ...
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