Asset manager Valkyrie has unveiled its second exchange-traded fund (ETF) linked to Bitcoin futures, following the launch of its spot BTC ETF in January.
In an announcement on February 22, Valkyrie revealed that shares of its Bitcoin Futures Leveraged Strategy ETF were now available for trading on the Nasdaq, with the ticker symbol BTFX. The fund, according to the asset manager, is a leveraged Bitcoin futures ETF that aims to deliver investment results twice the performance of the CME Bitcoin Futures market, rolled out on a scheduled basis.
This launch comes after Valkyrie introduced a similar investment product tied to Bitcoin futures on the Nasdaq, with the ticker symbol BTFD. The choice of the ticker symbol is likely a nod to the popular phrase “buy the fucking dip” among cryptocurrency enthusiasts. Furthermore, Valkyrie was among the first asset managers permitted to list and trade shares of a spot Bitcoin ETF in January, following approval from the United States Securities and Exchange Commission (SEC).
“With Bitcoin commanding so much attention at present, traders and investors are seeking ways to tap into this space using financial instruments,” stated Valkyrie CEO Leah Wald.
Before the SEC’s historic approval of spot BTC ETFs on January 10, many asset managers resorted to offering investors exposure to cryptocurrencies through vehicles tied to Bitcoin futures. ProShares and Valkyrie were among the first companies to launch BTC futures ETFs in the United States in October 2021.
The SEC has been postponing decisions on the approval or disapproval of a spot Ether (ETH) ETF, similar to its approach before approving a Bitcoin investment vehicle. Industry experts anticipate that the regulator will have made a decision by May 23, which is the final deadline for VanEck, an asset manager, to launch a spot ETH ETF.
Magazine:
Brett Harrison (ex-FTX US), X Hall of Flame, predicts that the Bitcoin ETF will break records.