Compulsory Redemption of the Valour Crypto ETP: What Holders Should Know Now the September Deadlines Have Passed

Anyone holding units of the 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETP in a securities account has to make a decision before September 1, 2026. On August 11, 2026 the issuer, Valour Digital Securities Limited, exercised its right to a compulsory redemption and called the instrument in. Nobody has to consent to it.

What is affected here is not a balance on an offshore exchange but a security in an ordinary German securities account: the ETP trades on Xetra and, since June 2024, has also been available in Germany as a savings plan at justTRADE. The issuer's notice appeared in English, uses legal terms from the base prospectus throughout and names four dates, of which only the first leaves a genuine choice open.

This piece sorts the dates, explains the two settlement routes and identifies the tax constellation that arises. It is not an investment recommendation, and it does not replace tax advice either.

Compulsory Redemption of the Valour ETP: The Four Dates That Matter

The notice of August 11, 2026 sets out a chain of four dates. They build on one another, and the most important one comes at the beginning rather than at the end.

• September 1, 2026: Last day on which a redemption notice specifying the physical delivery option can reach the issuer. The notice gives no time of day for it.
• September 11, 2026: Last trading day. After that the instrument can no longer be sold on the exchange.
• September 15, 2026: Compulsory redemption date, meaning the cut-off of the compulsory redemption itself.
• September 16, 2026: Settlement day. It applies equally to both settlement routes, to the cash payment as well as to a delivery of the crypto assets.

In practice that means the settlement type is fixed after September 1, and after September 11 the exit via the exchange is closed too. Anyone who first looks into their account in mid-September has already handed both decisions over to the calendar. The full notice with all the dates is in the issuer's mandatory publication of August 11, 2026.

Which Instrument Is Affected: ISIN GB00BPDX1969, WKN A3G96Z, Ticker BCIX

The compulsory redemption applies to exactly one security identifier. That matters, because by its own product overview the issuer runs more than a hundred exchange-traded instruments and many of them have similar names.

Affected is the 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETP with ISIN GB00BPDX1969, German securities identification number A3G96Z and exchange ticker BCIX. It was launched on March 6, 2024, runs in euros and, according to the issuer, is fully physically backed, meaning with crypto assets deposited in custody with licensed custodians. It trades on Xetra, in Frankfurt and via gettex. It was issued under the base prospectus of May 13, 2024.

If you are not sure whether you hold it at all, the WKN gets you an answer faster than the product name does. Many brokers show only an abbreviated designation in the portfolio overview, and "1Valour" appears in several products.

Cash Settlement Under Condition 10.8: What Happens Automatically Without a Redemption Notice

The default case is the cash payment. The notice states that cash settlement under Condition 10.8 applies to the compulsory redemption unless the security holder has submitted a valid redemption notice specifying physical delivery by September 1, 2026 at the latest and has effected what is termed an acceptable delivery.

So anyone who does nothing at all will not be overlooked. The units are called in on the cut-off date, and on September 16, 2026 a cash amount lands in the securities account. That is the convenient route, and for most holders it will also be the only realistic one. It does, however, have two properties worth knowing: the timing of the disposal is set for you, and so is the price at which it is settled.

Anyone wanting to determine the timing themselves has an open exchange window until September 11 for that. More on this below.

Physical Delivery and Acceptable Delivery: Why the Delivery Route Usually Fails for Retail Accounts

In theory a holder can demand the deposited crypto assets instead of money. That is exactly what the redemption notice with the physical delivery option is for, and it is exactly why the deadline falls on September 1 and not on the cut-off date.

The notice, however, ties this route to an acceptable delivery. Behind that sits the requirement that the delivery can be settled cleanly in technical and contractual terms, which presupposes a receiving address of your own and a corresponding settlement capability. An ordinary securities account at a bank or at a broker from our crypto broker comparison is not set up for that: it holds securities, not coins on a blockchain.

Anyone seriously exploring this route should therefore not start with their custodian bank but ask the issuer directly what form the notice has to take and which receiving addresses are accepted. The notice gives an investor relations address for that. Expectations should nevertheless stay realistic, because a savings plan of a few hundred euros does not as a rule justify the effort.

Selling on Xetra Until September 11: The Third Route

Alongside the issuer's two settlement types there is the simplest variant, which the notice mentions only indirectly through the last trading day: selling on the exchange yourself.

The instrument remains tradable up to and including September 11, 2026. Selling in that period lets you determine the day and the price yourself, with no need for a notice and no need to wait for the September 16 settlement. Liquidity deserves attention: with an instrument whose call-in has already been announced, the spread between bid and ask can widen. A limit order rather than a market order is the more cautious choice in such phases.

Which of the three options suits an individual holder depends on portfolio size, holding period and tax starting position. This text cannot and does not want to take that assessment off your hands.

What Is Inside the Valour ETP: Seven Crypto Assets in the STOXX Blue Chip Index

The instrument tracks the STOXX Digital Asset Blue Chip X Index, a rule-based selection of large crypto assets. That explains why the redemption raises more questions for holders than a pure bitcoin product would: here an entire basket hangs on a single ISIN.

The Weighting According to the Issuer

On the issuer's product page, the basket was spread across seven assets: bitcoin at 30 percent, ethereum likewise at 30 percent, BNB at 16.95 percent, solana at 15.41 percent, tron at 4.58 percent, chainlink at 2.23 percent and uniswap at 0.82 percent. The sum works out to 99.99 percent; the difference to 100 is a rounding.

Anyone wanting to keep the weighting after the redemption will have to rebuild it themselves in future, either through individual ETPs or by buying the coins directly. Both are possible, but both change the cost structure and, in case of doubt, the tax treatment too. How income from such products plays out in Germany is something we wrote up using staking ETPs as the example in distribution, accumulation and the tax question.

A 1.9 Percent Management Fee and Around $320,000 in Assets

Two figures from the issuer's product page put the case in context. The management fee is 1.9 percent a year. Assets under management were reported at around $319,570 on August 18, 2026.

A fund volume of that order barely carries the running costs of an exchange-listed product. The notice itself gives no reason for the call-in, and the issuer is under no contractual obligation to give one. Small products being discontinued is a familiar event in the ETP market and by itself permits no conclusion about the provider's position. That is this editorial team's assessment and not a statement by the issuer.

For holders the figure is useful all the same, because it explains why a trading window of a few weeks in such a small instrument does not necessarily mean deep order books.

Tax in Germany: Why the Compulsory Payout Is a Disposal

The point that will occupy many holders more than the deadline itself: a compulsory redemption is, for tax purposes, a disposal the investor did not choose. Anyone who would rather have picked the timing loses that choice on September 15, 2026.

Whether the rules for private disposal transactions under Section 23 EStG with their one-year holding period apply, or the taxation of investment income does, depends on how the instrument is structured. What matters is whether the note securitises a genuine claim to delivery of the deposited crypto assets. Precisely this distinction between a claim to delivery in kind and a monetary claim is the pivot, and with physically backed crypto ETPs it has been the subject of professional debate for years. The current administrative view on crypto assets is set out in the finance ministry circular of 6 March 2025.

That this product provides for physical delivery at all is a relevant circumstance for that classification. It still does not deliver a reliable answer for the individual case, because acquisition date, holding period, type of account and each custodian bank's handling of tax withholding belong to it. Anyone with further crypto transactions in the current year should look at the event together with the rest of the annual balance.

None of this is tax advice, expressly so. With larger positions, a visit to the tax adviser before September 11 is the cheaper order of events, because after that only the settlement is left.

The justTRADE Savings Plan: What Happens to the Next Instalment

The instrument had been available in Germany as a savings plan since June 2024; Valour and justTRADE announced its inclusion in the savings plan range publicly on June 4, 2024. For savings plan customers the compulsory redemption is therefore a double event: the holding is called in, and the execution of future instalments runs into the void as soon as the instrument is no longer tradable.

It therefore makes sense to end the savings plan actively or switch it to another instrument rather than wait for an automatic adjustment. How individual brokers handle savings plans on called-in securities is not uniformly regulated, and the issuer's notice says nothing about it. A short query with your own provider settles this faster than any research from outside.

If you want to keep the savings plan idea, the alternatives are in our comparison of bitcoin savings plans.

Other Valour ETPs: Which ISINs This Notice Does Not Name

The compulsory redemption concerns GB00BPDX1969 only. Other instruments from the same issuer stood unchanged in the product overview on August 18, 2026, among them the 1Valour Bitcoin Physical Staking (GB00BRBV3124), the 1Valour Ethereum Physical Staking (GB00BRBMZ190) and the 1Valour Physical Bitcoin Carbon Neutral (GB00BQ991Q22).

No assurance for the future can be derived from that. A compulsory redemption is a right the issuer holds under the contract, and it applies to other instruments in the same series just as much. Anyone holding several positions from the same provider does well to check the identification numbers one by one rather than rely on the product name. The dates in this case also belong in the same deadline overview as the current exchange cut-offs, which we collected in crypto exchange deadlines.

Limits of This Research: What We Could Not Check

Three things remain open, and they belong here so that nobody reads more into this text than it contains.

1. The notice gives no time of day for September 1, 2026. Anyone aiming for physical delivery should therefore submit several days earlier rather than bank on the final day.
2. The precise formal requirements for a valid redemption notice and for an acceptable delivery are in the terms of the base prospectus of May 13, 2024 and not in the notice itself. We did not evaluate them in full text.
3. How individual German custodian banks represent the September 16 settlement technically, and whether they withhold capital gains tax in doing so, cannot be established from outside. Only your own bank can settle that.

All the dates named, Condition 10.8 and the security identifiers come from the issuer's mandatory notice of August 11, 2026. Weighting, fee, launch date and fund volume come from the issuer's product page.

Valour ETP Compulsory Redemption: What to Take Away

1. Check your portfolio for WKN A3G96Z, today. The product name alone is not enough, because several instruments have similar names. And while you are going through your portfolio anyway: which providers carry which crypto products is set out in our comparison of crypto exchanges.
2. Decide by September 1, act by September 11. Without a redemption notice there is cash automatically on September 16. Anyone wanting to determine the day and the price themselves sells on the exchange beforehand, sensibly with a limit.
3. Record the tax date before it catches up with you. Acquisition date, number of units and settlement amount belong in the documentation while the records are still at hand. Tools for that are in our comparison of crypto tax tools and portfolio trackers.

(As of August 18, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)