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Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Valkyrie Unveils Double-Barreled Approach To Launch An Ethereum ETF Alongside A Bitcoin ETF

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Bitcoin and Ethereum

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Valkyrie has applied to the US Securities and Exchange Commission (SEC) to add ETH futures contracts to its Valkyrie Bitcoin Strategy ETF (BTF). 

Valkyrie Makes A Move To Stay Ahead Of The Crowd

Valkyrie’s application represents a move to stay ahead of the crowd. While many have applied to launch their respective Ethereum (ETH) Exchange-Traded Funds (ETFs), Valkyrie has simply moved to include exposure to ETH futures contracts in their existing investment strategy. 

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While the likelihood of the SEC’s approving these Ethereum ETFs or in what order remains uncertain, Valkyrie plans to introduce its double-barreled approach on or around October 3, putting its launch date ahead of that of other competitors. 

Part of the filing reads:

In addition, on or about October 3, 2023, the Fund’s name is expected to change to Valkyrie Bitcoin and Ether Strategy ETF. The Fund is expected to continue to trade on The Nasdaq Stock Market LLC under the ticker symbol “BTF”. The foregoing changes will only take effect and are conditioned upon the effectiveness of the Trust’s Post-Effective Amendment No. 23 under the Securities Act of 1933, including any amendments thereto, which has been filed with the Securities and Exchange Commission on August 4, 2023 and contains further information about the changes to the Fund’s name and investment strategy.

Going by SEC Rule 485(a), those who applied for the Ether ETFs can launch 75 days from their respective filing dates if none of the applications before the SEC gets denied. In tandem with the 75 days, the earliest any of these fund managers (the first being Volatility Shares, who applied on July 28) can launch is October 12 (9 days after Valkyrie’s proposed launch if their application gets greenlit by the SEC).

Ethereum (ETH) price chart from Tradingview.com (Valkyrie Bitcoin ETF)

ETH retains $1,800 level | Source: ETHUSD on Tradingview.com

This first-mover advantage can be critical when looking back at history. Although Valkyrie launched its Bitcoin fund in October 2021, it wasn’t the first to do so, as ProShares had already launched its Bitcoin Strategy ETF (BITO). 

Many believe that BITO launching first is one of the reasons it has enjoyed more success compared to Valkyrie’s Bitcoin Strategy ETF (BTF). BITO now has over $1 billion in assets under management (AuM) compared to BTF’s AuM of about $30 million.

Deja Vu?

As Bloomberg Senior ETF Analyst Eric Balchunas noted in a tweet, this isn’t the first time someone is moving to amend an existing fund to launch the first such product in the industry. 

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ETF Managers Group has previously moved to convert a Latin American real estate ETF to the ETFMG Alternative Harvest ETF (MJ), so it could be first in line to launch marijuana ETFs in the US – something which has been compared to what Valkyrie is trying to do.

Featured image from iStock, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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