Ethereum (ETH) Price Surges as Valkyrie Purchases Ether Futures Contracts
The price of Ethereum (ETH) has seen a 3% increase in the past 24 hours, reaching over $1,650. This surge comes as Valkyrie, an investment firm, has started buying Ether futures contracts. Valkyrie recently received approval for an Ethereum futures ETF after making necessary changes to their prospectus and risk disclosures. Bloomberg’s senior commodity strategist, James Seyffart, clarified that Valkyrie’s Ether futures contracts will begin holding a small percentage of ETH futures and will transition to a 50% ETH and 50% BTC allocation next week. Other ETH futures ETFs are also set to launch next week.
Valkyrie’s Revised Strategy and Name Change
Valkyrie has revised its strategy to merge both Ethereum (ETH) and Bitcoin (BTC) futures contracts into a single ETF. This change will officially take effect on October 3, and the ETF’s name will be changed to “Valkyrie Bitcoin and Ether Strategy ETF” while keeping its ticker symbol as BTF.
SEC Rushes Launch of Ethereum Futures Contracts
The U.S. SEC has been fast-tracking the launch of Ethereum futures contracts ahead of a potential government shutdown. This move is likely aimed at completing the launch before a majority of SEC staff becomes unavailable in the event of a shutdown.
VanEck Prepares for Ether Futures ETFs
Investment manager VanEck is also preparing for the launch of its Ethereum futures exchange-traded fund (ETF), which is expected to debut on October 2nd. VanEck has released two TV commercials with an “Enter the Ether” theme to create awareness for its Ethereum Strategy ETF, EFUT. The fund plans to invest in Ether futures contracts traded on the Chicago Mercantile Exchange and will be managed by Greg Krezner, VanEck’s Head of Active Trading.
Hot Take: Ethereum Gains Momentum with Valkyrie and VanEck ETFs
The recent developments with Valkyrie and VanEck launching Ethereum futures ETFs indicate growing interest and investment in the cryptocurrency. As more institutional players enter the market, it brings increased legitimacy and potential for further price appreciation. The approval of these ETFs by regulatory bodies like the SEC also demonstrates a greater acceptance of cryptocurrencies within the financial industry. With Ethereum being a major player in the crypto space, its price is likely to continue its upward trend as more investors gain exposure through these investment vehicles.
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