Valkyrie Secures Go-Ahead for Bitcoin Futures ETF

The crypto-native fund manager is the third sponsor of a bitcoin futures exchange-traded fund to clear all regulatory hurdles.

Oct 20, 2021 at 9:08 p.m. UTC
Updated Oct 22, 2021 at 7:27 p.m. UTC

Valkyrie Investments’s bitcoin futures exchange-traded fund (ETF) has won the blessing of the U.S. Securities and Exchange Commission.

The new ETF is set to start trading on Friday, after the bitcoin-linked fund cleared the final regulatory hurdles, a Valkyrie spokesperson said. It will trade on Nasdaq under the ticker BTF on Nasdaq, despite short-lived plans to adopt the more meme-centric ticker BTFD.

Valkyrie is only the third investment company – and the first crypto-native – to receive the Securities and Exchange Commission’s greenlight. The ProShares Bitcoin Strategy ETF (stock ticker BITO) launched Tuesday. VanEck’s own bitcoin futures ETF offering is slated to trade starting early next week.

Bitcoin spot markets rallied to new all-time highs Wednesday amid the filings parade. Bitcoin-linked ETFs are seen as an easy way for traditional investors to chase crypto market exposure from their brokerage accounts.

ProShares’ juggernaut bitcoin futures fund debut indicated interest runs deep. The first-ever U.S. bitcoin-linked ETF hauled in $570 million of assets in its first day, with over $1 billion in trading, one of the most successful ETF launches ever..

That’s complicated the playbook for all other bitcoin futures ETF hopefuls, including Valkyrie.

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