WEB3
by BSCN
September 29, 2023
The fund's revised strategy implementation will take effect on October 3, and will expand institutional ability to gain exposure to digital assets.
Summary
Asset management firm Valkyrie has received approval to transform its existing Bitcoin futures exchange-traded fund (ETF) into a two-for-one investment vehicle, combining Ether (ETH) and Bitcoin. This development positions the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) as the first US ETF to provide exposure to both Ether and Bitcoin futures contracts under one umbrella.
This strategy is set to take effect on October 3, underscoring the firm’s innovative spirit and commitment to meeting investor demands.
Valkyrie wasted no time in implementing this strategy, initiating the purchase of Ether futures contracts. The revised investment strategy will rebrand the ETF as the "Valkyrie Bitcoin and Ether Strategy ETF," while retaining the BTF ticker symbol.
The firm’s speedy approval was attributed to its proactive approach in supplementing its prospectus and updating risk disclosures pertaining to Ether futures, paving the way for the fund's formal transition.
Valkyrie now joins a league of entities vying to launch ETH futures ETFs, including Grayscale, Bitwise, Volatility Shares, VanEck, Roundhill, and ProShares. This strategic shift is poised to reshape the crypto ETF landscape, offering investors diversified exposure within a single investment vehicle.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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