Valkyrie Futures-Based Bitcoin ETF Receives SEC Approval for Listing on Nasdaq

Valkyrie will be the second Bitcoin-linked exchange-traded fund, after ProShares. Bitcoin reached a new historical high earlier this week, but the surge may not be finished just yet, as alternative asset management company Valkyrie is preparing to launch the second US Bitcoin Futures ETF, after ProShares’ introduction of the first in December.

The Securities and Exchange Commission (SEC) of the United States has finally given the green light to the Valkyrie ETF proposal, giving the fund a notice of effectiveness. Since then, the Nashville, Tennessee-based company has announced that it would trade on the New York Stock Exchange under the ticker symbol BTF (Nasdaq).

According to a Bloomberg article verifying the clearance, Valkyrie had originally planned to trade its ETF under the ticker ‘BTFD,’ but was forced to settle for the ticker ‘BTF.’ It’s possible that the market may hit new highs by the end of the week if Valkyrie’s ETF launch achieves the same level of success as ProShares’ ETF. It is possible that the increase in trading activity in Bitcoins Futures ETF would give the market with enough impetus to push it beyond the $70,000 level in the near future.

The ProShares ETF, which made its debut at the beginning of the week, was a rousing achievement. During a single day, the ETF ranked second in terms of trading volume, attracting $1 billion on the first day and another $570 million on the second day, making it the second most traded ETF overall.

Valkyrie ETF clearance was only a matter of time after the ProShares Strategy Bitcoin ETF was granted the go-ahead to begin trading on a major US exchange earlier this year. Aside from Valkyrie, another independent investment management firm, Invesco, was also on the verge of receiving clearance for its ETF, which would make it one of the first funds to be listed on the New York Stock Exchange.

However, just as the ProShares ETF started trading, Invesco released a statement announcing that it will no longer be pursuing the creation of a Bitcoin futures exchange-traded fund. The company, on the other hand, indicated that an ETF was still on the table for the foreseeable future.

Exuberance generated by investor interest in the introduction of a US Bitcoin ETF has assisted in propelling the world’s biggest cryptocurrency to heights around $67,000. The surge has subsequently slowed a little, but it may be about to take off once again.