Asset manager Valkyrie Funds is gearing up to launch its Bitcoin ETF.
In a recent tweet from James Seyffart, a research analyst with Bloomberg Intelligence, Valkyrie Funds updated its post-effective date for a leveraged Bitcoin Futures ETF.
This product’s initial filing was made on May 15, Seyffart noted. However, the asset management firm has set its sights on a revised Oct. 20 launch date.
Valkyrie jockeys for position
Valkyrie has thrown its hat into the ring alongside prominent asset management firms like BlackRock and Fidelity, all vying for approval to introduce a spot Bitcoin ETF.
This move signals a growing trend in the traditional financial sector, where established players are now eager to explore the potential of Bitcoin and other crypto assets
In June 2023, a Valkyrie subsidiary filed an updated spot ETF proposal. This revised proposal shifted the intended exchange to Nasdaq and updated the ticker to $BRRR. Valkyrie Investments already boasts a Bitcoin futures ETF product listed on Nasdaq.
In October 2021, Valkyrie made waves by launching a Bitcoin futures ETF on the Nasdaq exchange, making it the second entity in the United States to introduce a Bitcoin futures ETF.
Institutional interest in ETFs growing
Valkyrie is not alone in pursuing a crypto ETF approval in the U.S., as other established players, including Invesco, WisdomTree, and Direxion, are also in the race.
BlackRock, the world’s largest asset manager, has also entered the spot in the Bitcoin ETF race, underscoring BTC’s rising acceptance and institutional interest.
However, Bitwise, a crypto index fund manager, recently backtracked compared to Valkyrie. Bloomberg reported on Sept. 22 that the firm has withdrawn its application to convert its Bitcoin futures fund to a Bitcoin and Ethereum futures fund. This move implies that Bitwise’s fund will continue to focus solely on Bitcoin exposure.
Gensler still not supporting crypto ETFs
U.S. Securities and Exchange Commission (SEC) chair Gary Gensler was recently questioned about approving cryptocurrency spot ETFs during a Senate Banking Committee hearing on Sept. 12. However, Gensler emphasized the need for vigilant oversight of the crypto space while failing to answer clearly on crypto spot ETF approvals.
Source : crypto.news by Ogwu Osaemezu Emmanuel / September 24, 2023