Stockholm, November 8, 2024 – Virtune is announcing a name change and updated terms and conditions for Virtune Staked Polygon ETP (VIRPOLY) due to the ongoing migration from Polygon (MATIC) to Polygon (POL) as the underlying asset. Until further notice, Virtune will remove the word ‘staked’ from the product name and suspend staking rewards.
Background
Staking rewards, which are reflected in the daily price of the ETP, will continue to be added to the product until Monday, November 11. Thereafter, staking rewards will no longer be added. Aside from this change, the product will continue to provide exposure to the underlying crypto asset, with the only difference being that no further staking rewards will be added. The staking rewards added to the ETP before November 11 will remain unaffected.
Polygon is undergoing a migration aimed at enhancing the utility of Polygon’s native token to support the vision of an ever-expanding network of aggregated blockchains, and while Polygon (POL) is coexisting with Polygon (MATIC) initially, it is expected to gradually phase out and replace Polygon (MATIC) over time.
The underlying asset for VIRPOLY will be migrated from Polygon (MATIC) to Polygon (POL) as soon as the relevant regulatory approvals have been received. Due to challenges with staking POL as the underlying asset via a cold storage setup, a necessity for both investor protection and complying with regulatory requirements, Virtune is removing staking rewards from the product. Virtune is working closely with its custodians and staking providers to potentially reintroduce staking for Virtune Staked Polygon ETP in the future. However, until further notice, ‘staked’ in the product name is being removed and staking rewards are being suspended. Consequently, the product will be renamed to Virtune Polygon ETP.
Notice of changed terms and conditions
Effective Monday, November 11th, staking rewards will be removed from Virtune Staked Polygon ETP and the ETP name will be changed to Virtune Polygon ETP. Please note that this change requires no action from investors. The ETP will continue to operate as usual and remain available for trading during Nasdaq Stockholm’s opening hours. Furthermore, staking may be reimplemented when POL staking is supported by Virtune’s service providers.
Relevant Exchange Traded Product
ETP: Virtune Staked Polygon ETP
Bloomberg code: VIRPOLY SS
WKN: A4AGZP
ISIN: SE0021630217
Ticker: VIRPOLY
Settlement Currency: SEK
Exchange of initial listing: Nasdaq Stockholm
Trading Currency on Nasdaq Stockholm: SEK
Change:
Previous name: Virtune Staked Polygon
Previous long name: Virtune Staked Polygon ETP
New name: Virtune Polygon
New long name: Virtune Polygon ETP
Changed Terms: Staking rewards are being removed from the ETP
Effective date: Monday, November 11th 2024
Press contact
Christopher Kock, CEO Virtune AB (Publ)
Christopher@virtune.com
+46 70 073 45 64
Virtune with its headquarters in Stockholm is a regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges.
With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.
Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at http://www.virtune.com.
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