Asset manager Valkyrie has unveiled its second exchange-traded fund (ETF) linked to Bitcoin futures, following the successful listing of its spot BTC ETF in January.
In an announcement on February 22, Valkyrie confirmed that shares of its Bitcoin Futures Leveraged Strategy ETF were now available for trading on the Nasdaq, with the ticker symbol BTFX. The fund is described as a leveraged Bitcoin futures ETF that delivers investment results twice the performance of the CME Bitcoin Futures market, on a scheduled basis.
This launch comes after Valkyrie introduced a similar investment vehicle tied to Bitcoin futures on the Nasdaq, with the ticker symbol BTFD. The choice of ticker symbol is likely a nod to the phrase “buy the fucking dip,” which is widely used in the crypto community. Valkyrie was also among the first asset managers to gain approval from the United States Securities and Exchange Commission to list and trade shares of a spot Bitcoin ETF in January.
Valkyrie CEO Leah Wald commented on the launch, stating, “With Bitcoin garnering so much attention at the moment, traders and investors are seeking ways to participate in this space through financial instruments.”
Prior to the SEC’s groundbreaking approval of spot BTC ETFs on January 10, many asset managers turned to vehicles tied to Bitcoin futures to provide investors with exposure to cryptocurrencies. In October 2021, ProShares and Valkyrie were among the first firms to launch BTC futures ETFs in the U.S.
The SEC has been continuously extending deadlines or delaying decisions on the approval or disapproval of a spot Ether (ETH) ETF, similar to the process before the approval of a Bitcoin investment vehicle. Some experts anticipate that the regulator will reach a decision by May 23, which is the final deadline for a spot ETH ETF proposed by asset manager VanEck.
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