Valkyrie Expands Portfolio with Approval for ETH Futures in Existing Bitcoin ETF
Valkyrie, a prominent figure in the asset management industry, has made a strategic move by entering into the acquisition of Ether (ETH) futures contracts. This decision comes on the heels of Valkyrie's approval to transform its existing Bitcoin futures exchange-traded fund (ETF) into a more diversified investment portfolio.
According to an official statement provided to Bitsday, a spokesperson stated:
"Today, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) has proactively integrated exposure to Ether futures contracts. This groundbreaking step positions it at the forefront among US ETFs, offering investors access to both Ether and Bitcoin futures contracts under one unified framework."
Valkyrie stands out as the first entity to receive approval for an ETH futures ETF, surpassing several other contenders. The spokesperson shed light on the achievement, explaining that Valkyrie reached this milestone by "expanding its prospectus and enhancing risk disclosures related to Ether futures."
The revised strategy, which combines both ETH and BTC futures contracts into a unified ETF, is slated for official implementation on October 3. Consequently, the fund's name will be changed to Valkyrie Bitcoin and Ether Strategy ETF, while keeping its current ticker symbol, BTF.
This development aligns the fund with other entities that have applied for ETH futures ETFs. Prominent names in this category include Volatility Shares Ether Strategy ETF, Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF, and Grayscale Ethereum Futures ETF.
In a separate announcement earlier today, VanEck, a major asset management firm overseeing assets worth $77.8 billion, unveiled its plans to introduce an Ethereum futures exchange-traded fund (ETF).
Read more: October's Crypto Surge: Over $200 Million Set to Flood the Market