BTF Options Shift to Cash After $22.16-Per-Share Liquidation Payout

The Options Clearing Corp. (OCC) set a $2,216.26 cash deliverable for each CoinShares Bitcoin and Ether ETF (BTF) options contract after the fund distributed $22.16255605 per share on Oct. 22, changing how remaining contracts settle.

The deliverable equals 100 shares multiplied by the payout per share, rounded to the nearest cent. The BTF option symbol remains unchanged. Options scheduled to expire after Nov. 20, 2026, were advanced to that date; earlier expirations remain in place.

Delayed settlement ended effective Oct. 22. The contracts now settle in cash based on the difference between the extended strike amount and the deliverable. The American-style options remain exercisable before expiration, and exercised contracts settle in one business day. A 1-cent exercise-by-exception threshold applies.

BTF’s board approved the liquidation on Sept. 16. The earlier schedule called for trading to halt before the Oct. 21 market open, with proceeds expected on or about that date. The distribution came Oct. 22.

BTF was an actively managed fund focused primarily on Bitcoin (BTC) and Ether (ETH) futures, with cash and highly liquid securities making up the rest of its assets. The fund did not provide direct exposure to either asset’s price. The payout was cash per fund share, not a quantity of BTC or ETH delivered to shareholders.

Options expiring after Nov. 20 now have that date as their expiration.