Valkyrie Files to Convert Bitcoin Strategy ETF into Bitcoin and Ether Strategy ETF

Financial services firm Valkyrie has filed a 497 to convert its Bitcoin Strategy exchange-traded fund (ETF) into a Bitcoin and Ether Strategy ETF on October 3, 2023. Currently, Valkyrie’s Bitcoin Strategy ETF is an actively managed fund available through Nasdaq, primarily investing in bitcoin futures contracts. Bloomberg Senior ETF Analyst Eric Balchunas pointed out that Valkyrie’s proposed date may be an attempt to beat the competition, as it would be two weeks ahead of the other 13 filers’ scheduled launch. ProShares and Bitwise also recently filed applications for ETFs offering exposure to both bitcoin and ether.

Key Points:

Valkyrie has filed to convert its Bitcoin Strategy ETF into a Bitcoin and Ether Strategy ETF on October 3, 2023.
The current ETF is actively managed and invests in bitcoin futures contracts.
The proposed date may be aimed at beating the competition’s launch by two weeks.
ProShares and Bitwise have also filed applications for ETFs that provide exposure to bitcoin and ether.
The move comes as the popularity of cryptocurrency ETFs continues to grow.

Hot Take:

Valkyrie’s decision to convert its Bitcoin Strategy ETF into a Bitcoin and Ether Strategy ETF demonstrates the firm’s recognition of the increasing demand for exposure to both bitcoin and ether in the market. By expanding their offering to include ether, Valkyrie is positioning themselves to capture a wider audience and potentially gain a competitive advantage. The proposed launch date, which is ahead of other filers, indicates Valkyrie’s intention to be a frontrunner in this space. As more companies enter the ETF market for cryptocurrencies, it will be interesting to see how Valkyrie’s ETF performs and whether it can differentiate itself from the competition.