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- 1 Valkyrie Funds revised the launch date for its leveraged Bitcoin ETF filing.
- 2 The firm is going to launch a Bitcoin Futures ETF next month.
According to the September 22, 2023, X (formerly Twitter) post by a research analyst James Seyffart, Valkyrie Funds, announced a change in the post-effective date for their impending leveraged Bitcoin ETF. Valkyrie Funds is an asset management firm that previously launched the Bitcoin Futures ETF on May 15, 2023. Now, the firm anticipates the launch of this innovative product on “October 20, 2023.”
Also NEW: @ValkyrieFunds updated their post-effective date for their leveraged #Bitcoin Futures ETF filing. They're expecting to launch on October 20th. This thing was originally filed on May 15, 2023 and will actively manage the exposure from 100-200% long BTC. pic.twitter.com/7xv7P4tw9x
— James Seyffart (@JSeyff) September 22, 2023
According to a media outlet report, in the spot ETF race, Valkyrie Funds has joined similar assets firms such as BlackRock and Fidelity. It seems like all these firms are trying to reattempt the process of obtaining approval for a spot Bitcoin ETF.
Valkyrie Investments’ Bitcoin ETF Filings
In June 2023, amid a surge of activity within the ETF space, Valkyrie Investments also made significant moves to establish its presence. A Delaware-based subsidiary of Valkyrie Investments Inc. has filed “an updated spot ETF proposal, altering the intended exchange to Nasdaq and changing the ticker to $BRRR.”
Valkyrie already has a Bitcoin futures ETF product listed on Nasdaq. It is likely to have been closely observing the developments in the industry with a particular focus on other firms entering the ETF market.
It must be noted that BlackRock, the world’s largest asset manager, also filed a spot Bitcoin ETF application. Maybe, the firms are taking advantage of recent regulatory scrutiny to facilitate its entry into the market. Whereas this step by BlackRock, who is a prominent player in traditional finance, shows the growing acceptance and interest in Bitcoin among institutional investors.
Notably, in October 2021, Valkyrie launched the Bitcoin futures ETF on the Nasdaq exchange. After this step, Valkyrie Funds became “the second firm to launch a Bitcoin futures-based ETF in the United States.” Leah Wald, CEO at Valkyrie commented, “This Bitcoin Strategy ETF is a major leap forward for this asset class.”
Other Interested Firms for A Spot Bitcoin ETF
WisdomTree, an asset management company, also submitted an application for a spot Bitcoin ETF. This application shows the increasing competition among firms that aim to launch Bitcoin ETFs. Undoubtedly, it is because they recognize the demand for regulated investment products in the crypto industry, along with the first-movers advantage possible.
Moreover, Bitwise filed a 19b-4 form to renew their spot Bitcoin ETF filing. Meanwhile, Invesco renewed its filing for a spot Bitcoin ETF.
The firms Valkyrie, BlackRock, Bitwise, Invesco, and WisdomTree entered the race for an ETF approval. All these firms aim to provide investors with more accessible and regulated avenues to participate in the crypto market.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
