Valkyrie Applies for Ether Futures ETF
Valkyrie, the asset management company, has submitted an application to the US SEC for a futures ETF based on Ether (ETH). The fund’s strategy will involve acquiring multiple ETH futures contracts rather than directly investing in Ether. The application highlights Ether’s potential as a currency or digital commodity, as well as its use in specific transactions. Alongside the Ether futures investments, the ETF’s remaining assets will be allocated to cash, cash-like instruments, and high-quality securities. The investment allocation towards Ether futures contracts will be limited to 8,000 monthly contracts, adhering to position limits set by the Chicago Mercantile Exchange.
Other Crypto ETF Developments
Valkyrie has also resubmitted its application for a spot Bitcoin ETF to the SEC. BlackRock and Fidelity are also actively pursuing ETF approval. Additionally, Valkyrie plans to transform $BTF into a dual Bitcoin and Ether ETF by October 3, aiming to launch before other entities with similar plans.
Hot Take: The Race for the First Crypto ETF Continues
The crypto community is closely watching for new filings and amendments as asset management companies vie to be the first to launch a Bitcoin or Ether ETF. Valkyrie’s application for an Ether futures ETF is an important step in expanding the availability of crypto investment products. If approved, investors will have the opportunity to speculate on Ether prices through the ETF platform, further increasing market participation and potentially driving the growth of the crypto industry.
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