Valkyrie Wins Approval To Add Ethereum Futures To Bitcoin Strategy ETF

Updated: 29 September 2023

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Fund manager Valkyrie gained approval to add Ethereum futures as part of its Bitcoin Strategy exchange-traded fund (ETF).

“Today, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) began adding exposure to Ether futures contracts, making it the first US ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper,” a spokesperson told CoinDesk.

🚨BREAKING BULLISH NEWS🚨

Valkyrie is now letting people invest in #ETH futures with their combined Bitcoin and Ether Strategy ETF. They're the first in the U.S. to offer a chance to predict the future price of the second biggest digital currency!

History in the making today… pic.twitter.com/os9m5IresJ

— Bito Ordileone 🌹 (@bitoordileone) September 28, 2023

The company has now begun acquiring Ethereum futures contracts as it prepares to provide the offering starting October 3. As a result, Valkyrie’s Bitcoin Strategy ETF will be renamed to Valkyrie Bitcoin and Ether Strategy ETF, while its ticker will remain BTF.

Valkyrie has made strides in the ETF area given that it was one of the first in the US to introduce a fund linked to BTC futures in 2021. The company also offers a Bitcoin Miners ETF that tracks the securities of businesses that derive their revenue or earnings from cryptocurrency mining.

VanEck Gains Approval For Ethereum Futures ETF

Valkyrie is not the only company that will offer investment with exposure to Ether futures. The SEC has also finally approved VanEck’s Ether Futures ETF.

The VanEck Ethereum Strategy ETF (EFUT) invests in conventional, cash-settled ETH futures contracts that are traded on commodity exchanges that are members of the Commodity Futures Trading Commission (CFTC).

In a statement announcing the plan to launch the ETF, the company stated that the fund will only invest in ETH futures that are traded on the Chicago Mercantile Exchange.

The Ether ETF, which will be listed on CBOE, adds to the asset manager’s list of ETFs after its Bitcoin futures fund, the VanEck Bitcoin Strategy ETF (XBTF), launched in Nov. 2021. The company has yet to give an official launch date but it promised to keep sharing updates on its X account.

https://twitter.com/vaneck_us/status/1707419473337033075

While reports also hint at the approval of rival ProShare’s Ether futures ETF, the company is yet to officially announce it. This gives VanEck the first movers advantage among all the companies that have pending approvals for the same offering, including GrayScale, Bitwise, and Round Hill.

SEC Delays Spot Crypto ETFs

So far, the SEC has only allowed futures ETFs for both Bitcoin and Ethereum. It has shown no signs of approving spot crypto ETFs which are directly backed by the crypto assets themselves.

The agency has extended the deadline for approvals to the maximum allowed period in some cases. For spot Ethereum funds, VanEck and ARK 21Shares have had their deadlines for a decision moved to December 25 and 26 respectively.

On the spot Bitcoin ETF front, the SEC has delayed several applications this week, including Blackrock, ARK 21Shares, Invesco, Bitwise, and Valkyrie.

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