Exchange traded fund issuer VanEck announced on Thursday that it intends to close and liquidate a digital assets mining ETF that it launched just over a year ago. VanEck is dissolving the VanEck Digital Assets Mining ETF ( NASDAQ: DAM ), which intended to deliver exposure to companies that participated in the digital assets mining economy. The ETF tracked the MVIS Global Digital Assets Mining Index. According to VanEck, the ETF is expected to be de-listed after market close on Monday, April 24, 2023. VanEck stated : “Shareholders who do not sell their holdings on or before market close on Monday, April 24, 2023 and continue to hold their shares through the liquidation date on or about Monday, May 1, 2023 are expected to receive cash on or about Monday, May 1, 2023 in the cash portion of their brokerage accounts equal to the amount of the net asset value of their shares.” DAM, which launched back in March of 2022, hit the market at $36.70 a share and peaked just a couple weeks later at $46.05 a share. The fund now sits at $13.60 a share, equating to a 63% drop since its inception. Moreover, the fund holds just $1.9M in assets under management. The ETF's performance has been hampered by weakness in its top holdings, like Marathon Digital Holdings Inc ( MARA ), Riot Platforms Inc ( RIOT ) and Hut 8 Mining Corp ( HUT ) which together represent 38.21% of the fund. Those stocks have collapsed 53% , 20% , and 55% over the past one-year trading period. For more information on the liquidation of DAM, click here.
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