2 For 1 ETF: Valkyrie Buys Ethereum Futures for Bitcoin ETF

The SEC has been delaying its decisions regarding spot Bitcoin ETFs in the U.S. However, this has not stopped companies from expanding their ETF offerings. Valkyrie received approval to convert its existing Bitcoin futures ETF to a two-for-one investment vehicle. Now, the company has started buying Ethereum futures contracts.

The fund’s new strategy to combine BTC and ETH will formally come into force on Oct. 3, 2023. The ETF name will change to Valkyrie Bitcoin and Ether Strategy ETF. Nevertheless, the ‘BTF’ ticker will not see any updates. By adding Ethereum exposure to futures contracts, Valkyrie becomes the first U.S. ETF to provide investors exposure to Ether and Bitcoin futures contracts under the same umbrella.

A spokesperson for the company revealed that Valkyrie was the first to get approval for the ETH Futures ETF, among other firms. This was because it “supplemented its prospectus and updated risk disclosures related to Ether futures.”

Also Read: Chainlink’s 33% Recovery May Trigger Positive Q4 2023

ETF Race is Heating Up

In another parallel development that recently took place, asset manager VanEck revealed that it has been preparing for the launch of its Ethereum Strategy ETF [EFUT]. This ETF is designed to seek capital appreciation by investing in Ether futures contracts. However, it is essential to keep in mind that EFUT will not invest in ETH or other digital assets directly. The Fund will invest in standardized, cash-settled ETH futures contracts traded on commodity exchanges registered with the CFTC. The ETF will be listed on the CBOE.

Source: Business Insider

Also Read: Bitcoin Cash Up 8%: Can Bulls Push BCH to $250?

Bloomberg’s Eric Balchunas asserted that “VanEck is officially effective!” According to the Senior ETF analyst, the launch is imminent and could happen by Monday, October 2. Bloomberg’s James Seyffart was also on the same page.

Also Read: PYUSD: Crypto.com Partners With PayPal, Paxos

  • bitcoin
  • ETF
  • ethereum
  • futures
  • Valkyrie
  • VanEck

Comments

Post a Comment

Popular posts from this blog

Fetch.ai Price Prediction: FET Pumps 14% On Nvidia Earnings As AI Cryptos Boom And Analysts Say This New Solana Meme Coin Might Outperform BONK, WIF And MYRO

Image
The Fetch.ai price has soared by 14.5% in the past 24 hours to trade at $1.12 as of 8:15 a.m. EST on trading volume that surged 10.5% to $612 million. This surge came after AI chip maker Nvidia reported that fourth-quarter earnings had surpassed market expectations, buoying most of the AI crypto sector. Other AI cryptos to surge included Render (RNDR), Akash Network (AKT), and Bittensor (TAO), all ascending by double digits. Fetch.ai Price Susatains Bullish Momentum Above the Bullish Pennant FETUSD Analysis by Tradingview The Fetch.ai price indicates a continued uptrend after breaking from the consolidation stage. However, the resistance level at $0.78 has led to the formation of a bullish pennant, which signals a bullish trend reversal. However, the bulls seem to have acted on the pennant, indicating resilience on the $0.4424 support zone and flying the price past the $0.78 resistance, confirming the bull rally to the $1.17 resistance level. The technical indicators are bul...
Read more

Bitcoin slicing through this resistance could send it over $47k

Image
Although the majority of assets in the cryptocurrency sector got off to a slow start this week, Bitcoin (BTC) could be looking at a massive advance toward and beyond the threshold of $47,000 soon, provided it manages to break the key resistance that currently stands in its way. As it happens, Bitcoin’s realized price distribution (URPD) or unspent transactions output (UTXO), or the amount remaining after every transaction, suggests that the maiden cryptocurrency is facing “stiff resistance at $38,500,” as noted by crypto market analyst Ali Martinez in an X post on November 26. Having said that, the crypto trading expert also observed that the flagship decentralized finance (DeFi) asset “slicing through this barrier could help BTC advance toward $47,360,” which is the next significant point in the chart Analysis that Martinez shared. Bitcoin UTCO realized price distribution. Source: Ali Martinez Specifically, UTXO UPRD shows at which prices the current Bitcoin UTXOs appeared, ea...
Read more

Binance faces calls for ban by Nigerian Bureau De Change association

Image
Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market. Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureau De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation. ABCON is a self-regulatory body and an umbrella for all the central bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadabe, president of ABCON, provided this counsel in an interview held on Aug. 8 in Lagos. Gwadabe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel mar...
Read more