Valkyrie Investments, known for its bitcoin mining ETFs, will begin investing in Ether futures ETFs, making it the first to offer exposure to Ether and bitcoin futures contracts within a single entity.
The asset management company plans to purchase ethereum Futures on October 3, expanding its range of offerings.
Valkyrie expands its offering with ethereum futures
Valkyrie will begin investing in ethereum futures contracts. This move comes after the SEC approved the company to modify its existing bitcoin futures exchange-traded fund (ETF) into a dual investment. Following this, the Valkyrie bitcoin Strategy ETF has become the first US ETF to offer exposure to Ether and bitcoin futures contracts within a single entity.
SCOOP: Tomorrow @ValkyrieFunds will begin offering exposure to eth?src=hash&ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>#eth futures through its newly combined ETF bitcoin and Ether Strategy, making it the first US company to allow investors to bet on the future price of the second-largest digital asset.
We will have Valkyrie CIO…
—Eleanor Terrett (@EleanorTerrett) September 28, 2023
Commenting on this development, Steven McClurg, Chief Investment Officer at Valkyrie, stated: “We are excited to be the first to offer ethereum futures to our investors, as interest in this asset has seen tremendous growth over the past year.” .
Valkyrie’s strategy involves merging its existing bitcoin futures ETF into a comprehensive fund spanning bitcoin and ethereum futures. The fund will be renamed “Valkyrie bitcoin and Ether Strategy ETF” and will retain its Nasdaq ticker symbol, BTF. It intends to begin buying ethereum futures on October 3, with the name change scheduled for Tuesday.
Valkyrie’s introduction of ethereum futures ETFs is expected to drive greater participation in cryptocurrency trading among retail investors. These ETFs can be traded on major exchanges such as Nasdaq and the New York Stock Exchange, providing a convenient and accessible avenue for people to participate in this market.
Accelerated launch due to concerns over Gvmt closure
Initially scheduled to launch on October 3, Valkyrie accelerated the launch of its ethereum futures ETF due to concerns about a possible government shutdown on Friday.
Given the potential reduction in SEC operations during such an event, Valkyrie concluded that an acceleration was necessary. If a resolution on funding is not reached, the federal government is expected to halt most operations on Saturday, leading to the layoffs of nearly two million federal workers.
Since October 2021, the SEC allows trading of bitcoin ETFs linked to futures contracts. However, there have been limited offerings of ethereum derivatives. In addition to Valkyrie, eight other issuers, including VanEck, Grayscale Investments, and Bitwise, have filed applications to launch ethereum-based ETFs.
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