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Valkyrie Investments plans for Bitcoin Futures ETF launch in October

Investing.com
·2 min read

Valkyrie Investments, a renowned financial market entity, is preparing to introduce a unique Bitcoin Futures ETF, identified with the ticker symbol BTFD. The ETF, initially filed on May 15, 2023, intends to actively manage exposure levels between 100% and 200% long BTC. As confirmed by Bloomberg analyst James Seyffart, the revised launch date for the ETF is now set for October 20.

Earlier this year, Valkyrie also submitted an application to the U.S. Securities and Exchange Commission (SEC) in June. The firm is seeking approval for a Bitcoin spot ETF that will mirror the real-time market capitalization of Bitcoin, a feature that sets it apart from futures-based ETFs.

Currently, the SEC is assessing Valkyrie's Bitcoin Strategy and Ether Strategy ETFs. A critical deadline for these evaluations has been established for October 3, 2023. There is a growing optimism among industry experts about the potential approval of the Ethereum Futures ETF, which could potentially be a pioneering product in its category.

However, the SEC faces multiple decisions regarding spot Bitcoin ETFs from several firms including Bitwise, BlackRock (NYSE:BLK), VanEck, WisdomTree, Invesco&Galaxy, and Fidelity. The decision on Valkyrie's application is anticipated by October 19. It should be noted that there could be extensions to these deadlines as seen previously with the SEC delaying decisions during initial deadlines.

This follows the SEC's decision to postpone its ruling on 21Shares and ARK's spot Bitcoin ETF applications, which were unable to meet their second deadline in August. This situation has led to speculation about possible similar delays for other applications. This uncertainty adds a new dimension to the cryptocurrency market as the financial industry closely monitors SEC's decisions that could potentially extend up until mid-March 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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