1 year ago
Valkyrie has applied to the US Securities and Exchange Commission (SEC) to adhd ETH futures contracts to its Valkyrie Bitcoin Strategy ETF (BTF).
Valkyrie Makes A Move To Stay Ahead Of The Crowd
Valkyrie’s application represents a determination to enactment up of the crowd. While galore person applied to motorboat their respective Ethereum (ETH) Exchange-Traded Funds (ETFs), Valkyrie has simply moved to see vulnerability to ETH futures contracts successful their existing concern strategy.
While the likelihood of the SEC’s approving these Ethereum ETFs oregon successful what bid remains uncertain, Valkyrie plans to present its double-barreled attack connected oregon astir October 3, putting its motorboat day up of that of different competitors.
Part of the filing reads:
In addition, connected oregon astir October 3, 2023, the Fund’s sanction is expected to alteration to Valkyrie Bitcoin and Ether Strategy ETF. The Fund is expected to proceed to commercialized connected The Nasdaq Stock Market LLC nether the ticker awesome “BTF”. The foregoing changes volition lone instrumentality effect and are conditioned upon the effectiveness of the Trust’s Post-Effective Amendment No. 23 nether the Securities Act of 1933, including immoderate amendments thereto, which has been filed with the Securities and Exchange Commission connected August 4, 2023 and contains further accusation astir the changes to the Fund’s sanction and concern strategy.
Going by SEC Rule 485(a), those who applied for the Ether ETFs tin motorboat 75 days from their respective filing dates if nary of the applications earlier the SEC gets denied. In tandem with the 75 days, the earliest immoderate of these money managers (the archetypal being Volatility Shares, who applied connected July 28) tin motorboat is October 12 (9 days aft Valkyrie’s projected motorboat if their exertion gets greenlit by the SEC).
This first-mover vantage tin beryllium captious erstwhile looking backmost astatine history. Although Valkyrie launched its Bitcoin fund successful October 2021, it wasn’t the archetypal to bash so, arsenic ProShares had already launched its Bitcoin Strategy ETF (BITO).
Many judge that BITO launching archetypal is 1 of the reasons it has enjoyed much occurrence compared to Valkyrie’s Bitcoin Strategy ETF (BTF). BITO present has implicit $1 cardinal successful assets nether absorption (AuM) compared to BTF’s AuM of astir $30 million.
Deja Vu?
As Bloomberg Senior ETF Analyst Eric Balchunas noted successful a tweet, this isn’t the archetypal clip idiosyncratic is moving to amend an existing money to motorboat the archetypal specified merchandise successful the industry.
ETF Managers Group has antecedently moved to person a Latin American existent property ETF to the ETFMG Alternative Harvest ETF (MJ), truthful it could beryllium archetypal successful enactment to motorboat marijuana ETFs successful the US – thing which has been compared to what Valkyrie is trying to do.
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