As a Bitcoin-linked exchange-traded fund, Valkyrie will follow ProShares. Bitcoin hit a new all-time high earlier this week, but the rise may not be done yet, as alternative asset management firm Valkyrie is preparing to launch the second US Bitcoin Futures ETF following ProShares. The Securities and Exchange Commission (SEC) of the United States has finally given Valkyrie’s ETF a green light, awarding the fund a notice of effectiveness. The Nashville, Tennessee-based company has recently announced that it would trade on the New York Stock Exchange under the BTF ticker (Nasdaq).
Valkyrie had hoped to trade its ETF under the ‘BTFD’ ticker but had to settle for ‘BTF,’ according to a Bloomberg story verifying the clearance. The market might reach new milestones by the end of the week if Valkyrie’s ETF launch is as successful as ProShares’ ETF. The increase in trading activity in the Bitcoin Futures ETF should give enough impetus for the market to burst beyond the $70,000 (approximately Rs. 52,66,800) barrier.
The ProShares ETF, which debuted earlier this week, was a huge success.
The ETF became the second-most traded ETF on a single day, with trade volumes of $1 billion (approximately Rs. 7,524 crores) on the first day and another $570 million (about Rs. 4,288.68 crores) on the second day.
Since the ProShares Strategy Bitcoin ETF was granted the green light to start on a US platform, the Valkyrie ETF approval was only a matter of time. Aside from Valkyrie, another independent investment management firm, Invesco was on the verge of receiving ETF clearance to be among the first funds to be traded in the United States.
However, just as the ProShares ETF started trading, Invesco announced that it would no longer pursue a Bitcoin futures ETF. However, the company indicated that an ETF was still in the works.
NFT firm in the United States receives $100 million in new funding, bringing its total value to $1.5 billion.
The excitement generated by the debut of a US Bitcoin ETF has helped propel the world’s largest cryptocurrency to around $67,000 (approximately Rs. 50,41,080) levels, a surge that has subsequently calmed slightly but might be ready to resume.