Bitcoin Futures ETF Valkyrie to launch on Friday
It is the week of the Bitcoin ETFs and the third one to go live would be the crypto-native Bitcoin Futures ETF Valkyrie that would be listed on the NASDAQ under the ticker BTF.
The fund management company has finally managed to secure the go-ahead from the Securities and Exchange Commission (SEC) and is the third Bitcoin ETF to secure approval after ProShares Bitcoin Strategy ETF and VenEck’s Bitcoin ETF which also secured their approvals pretty recently. It must be noted that Valkyrie would be the first crypto-native fund that would be going live as the other two deal with non-crypto ETFs as well. All these ETFs have seen their applications for listing being stalled by the SEC for a long time which had led to suspicions that they may not see the light of day at all with different kinds of news coming out on different days.
But all those rumors and doubts were laid to rest over the last week with the approval of the first Bitcoin ETF and with that happening, it opened the floodgates for the others as approval of one would automatically mean that the others in the queue would also need to be approved pretty soon and that’s what we have been seeing over the last week. It was also clear that the market was waiting in anticipation for the listing which was proved by the fact that the ProShares ETF brought in $570 million of assets on the first day with over $1 billion worth of trading making it one of the most successful ETF launches ever. This shows that the interest in Bitcoin runs deep in the market and everyone truly believes that its value would go up in the future.
This also opens the doors for other such ETFs to launch and very soon, we may be seeing ETFs that are based not just on Bitcoin but other tokens like Ethereum and others as well and this should make the market wholesome as the crypto market needs to grow beyond the Bitcoin craze and the mainstream investors also need to understand that there is more to the crypto world than just bitcoin. This will happen over time as the market matures and the variety of products that are being offered for the investor’s increases. So far, the growth and maturing of the crypto industry have been in the right direction which has made people sit up and take notice.