Valorant closed beta rewards will mostly be kept. You might be concerned with the end of Valorant's beta as the game transitions to launch on June 2. You'll happy to know that while most of your progress will be reset, you'll keep your rewards.
The details for the end of closed beta was detailed on a blog announcement by Communication Lead Christ "Pwyff" Tom.
Valorant Closed Beta Rewards: Will They Carry Over?
The closed beta is set to end on May 28. The servers will go down that night in preparation for the game's launch. You'll lose your competitive rank, purchases and any progress on the Beta Player Pass.
You will get to keep your Beta Player Pass rewards, and your Valorant points will be replenished. Your purchases will be gone, but you'll have all the points you've spent refunded. In addition, you'll get a 20% bonus back on points, spent or not, when the game launches, so you can re-buy anything you lost and then some.
The game will also not have any further patches or updated until the full launch. If you want to get in on one last beta game before the servers go down, you can queue up until 9 p.m. PT on May 28. The servers will go down at 10:30 PT that night, and won't be up until Valorant launches in earnest on June 2.