The second U.S. Bitcoin futures ETF will launch later on Friday.
DreamstimeThe dust has barely settled on the launch of the first U.S. Bitcoin futures exchange-traded fund and a second one has already started trading.
The Valkyrie Bitcoin Strategy ETF, also linked to futures contracts, launched on the Nasdaq Friday under the ticker BTF, following a statement from the investment manager. A third Bitcoin futures ETF could begin trading early next week, after VanEck said in a filing its Bitcoin Strategy ETF will launch on Oct. 23, which is a Saturday.
The first U.S. Bitcoin futures ETF began trading Tuesday on a landmark day for the cryptocurrency. The ProShares Bitcoin Strategy ETF (ticker: BITO) surged close to 5% on its first trading day and racked up more than $1 billion in assets in just two days—the quickest an ETF has reached that milestone, Bloomberg reported, citing its own data.
The ETF has no direct impact on the spot price but the positive sentiment created by its approval, after eight years of rejections by the Securities and Exchange Commission, and its early performance helped Bitcoin surpass its previous all-time high of $64,888.99 on Wednesday. The world’s largest cryptocurrency hit a fresh record of $66,974.77, according to CoinDesk, but has since slipped back to $63,591 on Friday.
The Valkyrie ETF is one of several Bitcoin-linked ETFs expected to go live in the coming weeks. It comes after SEC Chairman Gary Gensler opened the door in August when he said crypto ETFs that comply with its strict laws could provide investors significant protections.
“The Bitcoin Strategy ETF is a major leap forward for this asset class,” Valkyrie CEO Leah Wald said. “It enables investors to participate in the digital asset markets through a regulated, transparent product that trades on a trusted, reliable exchange and can be bought and sold as easily as any other investment currently available.”
Write to Callum Keown at callum.keowndowjones.com
Hot
No comment on record. Start new comment.