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 .” ...