Valkyrie will follow ProShares as a Bitcoin-linked exchange-traded fund. Bitcoin set a new all-time high earlier this week but the rally could be far from over just yet, as after ProShares, alternative asset management firm Valkyrie all set to introduce the second US Bitcoin Futures ETF. The US Securities and Exchange Commission (SEC) has finally green-flagged the ETF proposed by Valkyrie granting the fund a notice of effectiveness. The Nashville, Tennessee-based firm has since stated that it will trade under the BTF ticker on the New York Stock Exchange (Nasdaq).
As per a Bloomberg report confirming the approval, Valkyrie had earlier intended to trade its ETF under the ‘BTFD’ ticker but had to settle for ‘BTF’. If Valkyrie’s ETF debut garners the kind of success as ProShares’ ETF, the market could set new records by the end of the week. The boost in trading volume in Bitcoins Futures ETF could go on to provide the market with enough momentum to break past the $70,000 (roughly Rs. 52,66,800) mark.
The ProShares ETF which debuted at the beginning of the week was a massive success. The ETF emerged as the second-largest most traded ETF on a single day seeing trade volumes to the tune of $1 billion (roughly Rs. 7,524 crore) on the first day and roped in another $570 million (roughly Rs. 4,288.68 crore) in trade on the second day.
The Valkyrie ETF approval was only a matter of time since ProShares Strategy Bitcoin ETF was given the green light to debut on a US exchange. Besides Valkyrie, another independent investment management company in Invesco was also close to getting their ETF approval to feature among the first funds to be traded in the US.
But just as the ProShares ETF began trading, Invesco issued a statement stating that it was no longer pursuing a Bitcoin futures ETF. However, the firm stated that an ETF was still a part of its future plans.
The enthusiasm of investors around US Bitcoin ETF launches has helped fuel the world’s largest cryptocurrency to near $67,000 (roughly Rs. 50,41,080) levels, a rally that has since cooled by a bit, but could be set to soar again.
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