Valkyrie Wins Approval To Add Ethereum Futures To Bitcoin Strategy ETF

Fund manager Valkyrie gained approval to add Ethereum futures as part of its Bitcoin Strategy exchange-traded fund (ETF).

“Today, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) began adding exposure to Ether futures contracts, making it the first US ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper,” a spokesperson told CoinDesk.

The company has now begun acquiring Ethereum futures contracts as it prepares to provide the offering starting October 3. As a result, Valkyrie’s Bitcoin Strategy ETF will be renamed to Valkyrie Bitcoin and Ether Strategy ETF, while its ticker will remain BTF.

Valkyrie has made strides in the ETF area given that it was one of the first in the US to introduce a fund linked to BTC futures in 2021. The company also offers a Bitcoin Miners ETF that tracks the securities of businesses that derive their revenue or earnings from cryptocurrency mining.

VanEck Gains Approval For Ethereum Futures ETF

Valkyrie is not the only company that will offer investment with exposure to Ether futures. The SEC has also finally approved VanEck’s Ether Futures ETF.

The VanEck Ethereum Strategy ETF (EFUT) invests in conventional, cash-settled ETH futures contracts that are traded on commodity exchanges that are members of the Commodity Futures Trading Commission (CFTC).

In a statement announcing the plan to launch the ETF, the company stated that the fund will only invest in ETH futures that are traded on the Chicago Mercantile Exchange.

The Ether ETF, which will be listed on CBOE, adds to the asset manager’s list of ETFs after its Bitcoin futures fund, the VanEck Bitcoin Strategy ETF (XBTF), launched in Nov. 2021. The company has yet to give an official launch date but it promised to keep sharing updates on its X account.

While reports also hint at the approval of rival ProShare’s Ether futures ETF, the company is yet to officially announce it. This gives VanEck the first movers advantage among all the companies that have pending approvals for the same offering, including GrayScale, Bitwise, and Round Hill.

SEC Delays Spot Crypto ETFs

So far, the SEC has only allowed futures ETFs for both Bitcoin and Ethereum. It has shown no signs of approving spot crypto ETFs which are directly backed by the crypto assets themselves.

The agency has extended the deadline for approvals to the maximum allowed period in some cases. For spot Ethereum funds, VanEck and ARK 21Shares have had their deadlines for a decision moved to December 25 and 26 respectively.

On the spot Bitcoin ETF front, the SEC has delayed several applications this week, including Blackrock, ARK 21Shares, Invesco, Bitwise, and Valkyrie.

Related Article

  • SEC Delays Decision On Spot Bitcoin ETF Applications Again Despite Mounting Pressure to Approve
  • $YPRED by yPredict Secures $4M in Funding; Act Now Before Presale Price Hike as Sellout Looms
  • Bitcoin Rises 3% Amid Economic Woes; Bitcoin Minetrix Secures $200k as Inflation Shield

Comments

Post a Comment

Popular posts from this blog

Bitcoin Price Prediction: Here’s Why BTC Is Failing to Move Above $30k

Image
The largest cryptocurrency has according to on-chain insights from CryptoQuant “been lodged within a narrow corridor for the past three months.” The on-chain analytics platform claims that the answer lies in the protocol’s fundamental factors such as supply and miner activity. advertisement While we will explore Bitcoin’s fundamental position in a bit, BTC is still feeling the pinch of an aggressive bear camp – down 1% to $30,005. Trading volume is up to $14 billion with its market capitalization holding at $582 billion. The largest altcoin appears to be following in BTC’s footsteps, down 1.6% to $1,898. As discussed in the previous Analysis , Ethereum price must reclaim $1,900 support to keep the resumption of the uptrend above $2,000 intact. What’s Next if Bitcoin Price Loses $30,000 Support? The Bitcoin price consolidation in a narrow rectangular pattern, as shown on the daily chart reveals that the tug of war between bulls and bear is close to its tensile l
Read more

Top 8 DeFi Categories by TVL: Liquid Staking Takes the Lead

Ethereum holds 67.3% of the total TVL, with $55 billion locked. Real-world assets are described as “the new DeFi trend,” with an 84.6% increase in TVL over the past thirty days. CryptoRank reveals that liquid staking is the dominant decentralized finance (DeFi) category by total value locked (TVL). Recent data from the analytics platform CryptoRank revealed that liquid s taking is the dominant decentralized finance (DeFi) category by total value locked (TVL). DeFi Landscape Overview Liquid S taking is the dominant DeFi category with $20B TVL. The new DeFi trend, #RWA, showed a TVL increase of 84.6% over the past 30D. TVL in #DeFi remains highly concentrated on #Ethereum ($55B TVL). pic.twitter.com/g5bvkO7OAr — CryptoRank Platform (@CryptoRank_io) October 6, 2023 On October 5, CryptoRank and DeFi TVL aggregator DeFiLlama shared an overview of the DeFi landscape, showing the top eight DeFi categories by TVL. According to the data, liquid s taking i
Read more

Japan Edges Toward Corporate Crypto Tax Reform

Image
Source: Oka/Adobe Japan is inching closer to reforming its strict crypto tax laws for corporations – in a bid to stop an “exodus” of crypto talent and capital from flowing overseas. Pressure to reform has mounted in recent years, with industry figures and opposition leaders alike all calling for change. More recently, the top financial regulator, the Financial Services Agency (FSA), has signalled that it also wants to modify the restrictive laws. But a final step in this process is approval from the National Tax Agency (NTA). But while the NTA is yet to publicly signal it will make the change, analysts believe that it is working on a tax reform bill that it hopes to unveil in parliament in the coming months. Late last week, the NTA released a set of FAQs that address the matter of crypto taxation. And while these did not directly make mention of any coming reform, Junya Izumi, an Associate Professor of Tax Law at the Chiba University of Commerce, pointed out on Twit
Read more