Valkyrie Bitcoin Strategy Fund, the second Bitcoin futures exchange traded fund (ETF) in the U.S., is set to start trading today, while VanEck’s Bitcoin futures ETF, which also received approval this week, is expected to launch early next week.
Fast facts
- ProShares Bitcoin Strategy Fund, the first U.S. Bitcoin futures ETF, started trading on the New York Stock Exchange on Tuesday and broke records on its first day. Trading volume reached nearly US$1 billion on its first day, and according to Bloomberg analyst Eric Balchunas, it is already in the top 30% of ETFs by assets. The ProShares ETF debut helped push BTC to a new all-time high when it started trading just above US$67,000 on Wednesday, according to CoinGecko data.
- Now, Valkyrie Bitcoin futures ETF, the country’s second Bitcoin-linked ETF, is scheduled to start trading on Nasdaq today under the the ticker BTF. Like ProShares, it is a Bitcoin futures ETF, which is quite different from a Bitcoin spot ETF or investing directly in the digital asset itself.
- VanEck’s Bitcoin futures ETF is also in line to be launched early next week. On Wednesday, VanEck published its ETF post-effective filing indicating that it has received the stamp of approval from the Securities and Exchange Commission. According to the filing, the fund is greenlighted for trading after October 23. Since it’s a Saturday, the fund can be expected to go live on the NYSE on Monday or by early next week.
- Multiple Bitcoin futures ETFs are waiting in line for the final nod to start trading. The Bitcoin futures ETFs are getting approval in rapid succession after U.S. Securities and Exchange Commission chairman Gary Gensler said in August that the SEC will potentially consider approving ETFs linked to Bitcoin future contracts.