Valkyrie Bitcoin futures ETF to debut on Friday under the ticker $BTF

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 21, 2021
  • Eric Balchunas, has affirmed that Valkyrie’s Bitcoin futures ETF will start trading this Friday.
  • Balchunas had earlier stated that the firm was changing the fund’s ticker from $BTFD to $BTF.
  • The approval comes after the first US Bitcoin futures ETF, $BITO, made $1 billion in trading volumes.

The Securities and Exchange Commission (SEC) hinted at approving futures-based Bitcoin exchange-traded funds last week. ProShares Strategy Bitcoin ETF ($BITO) was the first to get this approval and debuted trading this week.

The next Bitcoin futures ETF that expects to be approved soon is the Valkyrie ETF. According to Eric Balchunas, an ETF analyst at Bloomberg, the Valkyrie ETF will debut trading on October 22.

Valkyrie ETF approval

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In a tweet, Balchunas stated, “I had said this was launching tomorrow, it’s actually going to be on Friday. Sorry about that.”

Balchunas referred to an earlier tweet where he had predicted that the ETF would debut trading on Thursday. The analyst also noted that the SEC had called for Valkyrie to change the ticker name for the fund from $BTFD to $BTF.

The Valkyrie ETF approval was an expected development since ProShares Strategy Bitcoin ETF debuted on a US exchange. Besides Valkyrie, Invesco’s ETF approval deadline was also close and expected to be among the first funds to be traded in the US.

However, shortly before the ProShares ETF started trading, Invesco issued a statement stating that it was no longer pursuing a Bitcoin futures ETF. However, the firm stated that an ETF was still a part of its future plans.

$BITO ETF hits $1B trading volumes on debut

The ProShares ETF was a huge success, and it emerged as the second-largest most traded ETF on a single day. The fund saw $1 billion in trading volumes on the first day and hauled $570 million in assets on the same day.

The ETF opened trading at $40, and by the close of the stock market, it had increased by around 4.9% to reach $41.94. The performance of this ETF shows just how hungry investors are to get exposure to Bitcoin (BTC/USD).

The ETF’s performance has also created a strong bullish signal in the market. On October 20, Bitcoin hit an all-time high of around $67,000, according to data from CoinGecko. At the time of writing, Bitcoin is trading at around $64,700. The debut of Valkyrie’s ETF is expected to have an even greater impact on Bitcoin’s prices.

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