Valkyrie Rolls Out Second Bitcoin Futures-Linked ETF on Nasdaq
Summary:
Valkyrie, an investment management firm, has unveiled its second Bitcoin futures-linked exchange-traded fund (ETF) on the Nasdaq, following its successful listing of a spot Bitcoin ETF in January. The new fund, called Bitcoin Futures Leveraged Strategy ETF (BTFX), aims to generate returns double that of the CME Bitcoin Futures market. The firm had earlier launched a similar product under the tag BTFD, also on the Nasdaq. The SEC's continual delays on the approval of a spot Ether ETF are drawing comparisons to its handling of the Bitcoin investment vehicle.
Valkyrie, an investment management firm, has revealed its new exchange-traded fund (ETF) focused on Bitcoin (BTC) futures. This follows the company's successful launch of a spot BTC ETF in January. According to Valkyrie's public statement on February 22nd, the trading of shares from their Bitcoin Futures Leveraged Strategy ETF, tagged as BTFX, is now active on the Nasdaq. It was explained that the new offering is a leveraged Bitcoin futures ETF, aiming to generate results that are double the yield from the CME Bitcoin Futures market, which regularly rolls over.
Notably, Valkyrie had previously launched a similar Bitcoin futures-linked product under the symbol BTFD on Nasdaq. This was believed to be a playful reference to the phrase "buy the fucking dip" commonly used among crypto enthusiasts. It is worth mentioning that Valkyrie was among the early adopters allowed to name and trade a spot Bitcoin ETF, after receiving the go-ahead from the U.S. Securities and Exchange Commission (SEC). Leah Wald, Valkyrie CEO expressed that with Bitcoin gaining a lot of attention, they are focusing on introducing different financial offerings to tap into the market.
Before the SEC greenlighted spot BTC ETFs on January 10th, several other asset management firms were already offering investors exposure to cryptocurrencies through Bitcoin futures-related products. ProShares and Valkyrie were among the earliest companies to roll out BTC futures ETFs in the American market in October 2021.
Regarding other cryptocurrencies, the SEC has been continuously extending the deadlines for deciding the approval of a spot Ether (ETH) ETF, reminiscent of its handling of the Bitcoin investment vehicle. Experts predict the final decision on a spot ETH ETF submitted by VanEck, another asset management firm, will come by May 23rd.
Published At
2/22/2024 7:19:29 PM
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