Valkyrie Holding Out for SEC Approval of Ether Futures ETF
Asset management firm Valkyrie has announced that it will wait for the approval of an exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) before making any purchases. The ETF would provide exposure to Ether (ETH) futures.
The SEC filing stated that Valkyrie’s fund would unwind any existing positions in ether futures contracts. This decision comes as several other ETFs offering exposure to Ether futures are expected to begin trading in the first week of October, including offerings from VanEck, Bitwise, and ProShares.
However, on September 28th, the SEC delayed its decision on Valkyrie’s proposal for a spot BTC ETF, as well as proposals from BlackRock, Invesco, and Bitwise. These delays have led to speculation that the regulator is responding to a potential government shutdown.
Government Shutdown Concerns
The SEC’s delays occurred just weeks ahead of scheduled ETF deadlines and coincide with Congress’ deadline to present a bill funding the government into the next fiscal year for President Joe Biden’s signature. The timing suggests that the SEC may be taking precautionary measures due to the potential shutdown.
Hot Take: Valkyrie’s Strategic Move
Valkyrie’s decision to hold out for SEC approval rather than making advance purchases demonstrates their cautious approach and desire to comply with regulatory requirements. By unwinding existing positions in ether futures contracts, they are positioning themselves to align with any future regulations set by the SEC. This move showcases their commitment to operating within a compliant framework and ensures that they can confidently offer an Ether futures ETF once approved.
By
By
By
By