⏰ Act Early, Profit Big!
Be among the first to access the newest altcoins. Don't miss out, click now!

Valkyrie Applies for Spot Bitcoin and Ethereum ETF

  • Valkyrie Funds has applied to convert its Bitcoin Futures ETF (BTF) into a spot Bitcoin and Ethereum ETF starting from October 3rd.
  • Valkyrie stated that it will change the main investment strategy of Valkyrie Bitcoin Strategy ETF to follow the investment objective through a different management exposure.
  • Valkyrie also expressed the request to change the name of the fund in the application. The asset management company suggested referring to the new fund as Valkyrie Bitcoin and Ether Strategy ETF.

Valkyrie has requested a change in an existing Bitcoin Futures ETF; Valkyrie wants to continue this ETF as a spot Bitcoin and Ethereum ETF.

Valkyrie Requests a Change in Its Existing ETF

Valkyrie Funds, a United States-based alternative asset management company, has applied to obtain permission to convert its Bitcoin Futures ETF (BTF) into a spot Bitcoin and Ethereum ETF starting from October 3rd. Eric Balchunas, a Senior ETF Analyst at Bloomberg, observes that the proposed date will be two weeks earlier than the planned start date of the other 13 applicants and expresses curiosity about how this will unfold.

In an application dated August 3rd, 2023, Valkyrie stated that it will change the main investment strategy of Valkyrie Bitcoin Strategy ETF to follow the investment objective through a different management exposure. The exposure will combine Bitcoin Futures contracts and Ethereum Futures contracts.

Valkyrie also expressed the request to change the name of the fund in the application. The asset management company suggested referring to the new fund as Valkyrie Bitcoin and Ether Strategy ETF. Despite the proposed name change and strategy, the Fund will continue to trade on Nasdaq Stock Market LLC under the symbol ‘BTF’.

According to Valkyrie’s application:

“The above changes are conditioned upon the effectiveness of Post-Effective Amendment No. 23, filed with the Securities and Exchange Commission (SEC) on August 4, 2023, which contains additional information about the name and investment strategy changes of the Fund, solely under the Securities Act of 1933.”

James Seyffart, a renowned asset management expert, considers Valkyrie’s application as a significant step in the crypto asset management industry. While he is unsure of how it will unfold exactly, Seyffart describes the development as fascinating and defines it as a planned 3D chess move that he expects to work.

Increase in Applications for Bitcoin and Ethereum ETFs

With Valkyrie’s application, the total number of applications for Ethereum ETFs has reached 13. ProShares and Bitwise, in particular, have applied for various types of ETFs that track both BTC and ETH prices.

The increase in Ethereum-based ETF applications was triggered by Volatility Shares’ application for Volatility Shares Ethereum Strategy ETF on July 28th.

Bloomberg analysts have increased the likelihood of SEC approving a spot Bitcoin ETF from 50% a few weeks ago to 65%. However, the probability of an Ethereum ETF being approved is 75%.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

PAYPAL ENABLES U.S. MERCHANTS TO ACCEPT PAYMENT IN OVER 100 CRYPTOCURRENCIES: -Tweet

PAYPAL ENABLES U.S. MERCHANTS TO ACCEPT PAYMENT IN OVER...

Metavesco, Inc. Expands Digital Asset Portfolio with Strategic Purchase of 28 ETH Amid Growing Institutional Adoption

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

CEA Industries Surges 452% on $500 Million Private Placement to Establish Largest Publicly Listed BNB Treasury

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

CEA Industries and 10X Capital Secure $500M Private Placement to Build BNB Treasury with YZi Labs Support

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Immutable Holdings Advances HBAR Treasury Strategy with Executive Appointments to Boost Long-Term Growth

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum ETFs May Continue Outpacing Bitcoin as July Sees Record $11.2 Billion ETF Inflows

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Monero Faces Potential Hashrate Centralization Risks Amid Qubic Mining Pool Takeover Attempt

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

XRP Sees Increased Institutional Inflows Amid Capital Rotation and Bitcoin Outflows

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Ethereum Sees Record Inflows and Rising Dominance as Bitcoin Experiences Outflows in July

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Tabi Airdrop Program May Offer Exclusive Rewards Amid Emerging Crypto Opportunities in July

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

BNB Hits New All-Time High Amid Rising Altcoin Momentum and Corporate Crypto Interest

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...

Shiba Inu (SHIB) Shows Potential for Short-Term Pullback Amid Ethereum Rally and Bollinger Bands Signals

{ "@context": "https://schema.org", "@type": "NewsArticle", "headline":...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img