Valkyrie Funds Files to Convert BTF to BTC and ETH ETF From Oct 3

Published 05/08/2023, 08:45
© Ink Drop Valkyrie Funds Files to Convert BTF to BTC and ETH ETF From Oct 3
ETH/USD
-

  • Valkyrie filed to convert their Bitcoin Futures ETF into a spot Bitcoin and Ethereum ETF.
  • The Fund plans to change its principal investment strategy to a different management exposure.
  • Valkyrie’s new exposure would combine Bitcoin Futures contracts and Ether Futures contracts.

Valkyrie Funds, an alternative assets management company based in the United States, has submitted a filing to allow them to convert their Bitcoin Futures ETF (BTF) into a spot Bitcoin and Ethereum ETF starting October 3. Eric Balchunas, Senior ETF analyst for Bloomberg, observes that the proposed date will be two weeks ahead of the scheduled launch of the other 13 filers, noting that he is keen to see how this plays out.

In an application dated August 4, 2023, Valkyrie stated it would change its principal investment strategy of Valkyrie Bitcoin Strategy ETF to pursue its investment objective through a different management exposure. The exposure would combine Bitcoin Futures contracts and Ether Futures contracts.

Valkyrie also used the application to request a change of nomenclature to the Funds’ name. The assets management company proposed to refer to the new Fund as Valkyrie Bitcoin and Ether Strategy ETF. Despite the proposed name change and strategy, the Fund would continue trading on the Nasdaq Stock Market LLC under the ticker symbol, ‘BTF’.

According to Valkyrie’s application:

“The forgoing changes will only take effect and are conditioned upon the effectiveness of the Trust’s Post-Effective Amendment N0 23 under the Securities Act of 1993, including any amendments thereto, which has been filed with the Securities and Exchange Commission (SEC) on August 4, 2023, and contains further information about the changes to the Fund’s name and investment strategy.”

James Seyffart, a renowned asset management expert, considers Valkyrie’s filing a big move in the crypto assets management industry. Despite not knowing exactly how it would play out, Seyffart considers the development fascinating. He describes it as a 3D chess move with the expectation that it works out as planned.

The post Valkyrie Funds Files to Convert BTF to BTC and ETH ETF From Oct 3 appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.