The U.S. SEC has approved the Valkyrie Bitcoin Strategy ETF, the agency announced on Oct 20. This makes it the second futures-based bitcoin ETF that will start trading after ProShares bitcoin ETF launched earlier this week.
The U.S. Securities and Exchange Commission (SEC) has approved yet another Bitcoin futures ETF, according to a notice published on Oct 20. This ETF was proposed by Valkyrie, and it will begin trading on the Nasdaq on Oct 22.
The Valkyrie Bitcoin Strategy ETF will trade under the ticker of BTF and comes at a time when bitcoin’s price reached an all-time high of over $66,000. The news of this approval can only boost market sentiment even further, which has been buoyed by other approvals and expectations of regulation.
The arrival of more ETFs will give a greater swathe of investors the ability to gain exposure to bitcoin and other cryptocurrencies. So far, only futures-based bitcoin ETFs have been approved in the U.S., though Ethereum-based ETFs are also in the pipeline.
Firms offering these ETFs have been racing to be the first one approved, which analysts believe would give it a strong advantage. Still, there is no dearth of ETF proposals, and many are still applying to get a share of the pie.
The cryptocurrency market has come a long way since its early days, and the trading of ETFs signals a landmark moment for the market. It will not be long before more ETFs begin to fill the market, which bodes well for the asset class.
Bitcoin ETF decisions making headway
The Valkyrie Bitcoin Strategy ETF will be the second BTC futures ETF to start trading, after the highly successful launch of the ProShares Bitcoin ETF earlier this week. ProShares drew in over 24 million shares on its first day of listing,
There will be more good news for the market as VanEck’s bitcoin futures ETF will also begin trading next week. These funds will be lapped up by a broader audience, many of whom have waited on a more regulated crypto investment vehicle before entering the market.
SEC Chair Gary Gensler has offered tentative support for futures-based ETFs, though the fate of others remains uncertain. The SEC has been working hard on a regulatory framework alongside other authorities in the country and will make decisions on multiple ETFs in the months to come.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.