Valkyrie gains permission to merge Bitcoin futures into an Ethereum (ETH) futures ETF. Ethereum’s price rises over 3% to $1,650.
- Ethereum’s price surges by over 3%, crossing the $1,650 mark.
- Valkyrie to launch a joint Bitcoin and Ether futures ETF, renaming it “Valkyrie Bitcoin and Ether Strategy ETF.”
- The U.S. SEC expedites the launch of Ethereum futures contracts amidst looming government shutdown.
- VanEck prepares for its Ethereum futures ETF launch, scheduled as early as October 2nd, with aggressive marketing efforts.
Ethereum’s (ETH) price has seen a notable uptick, registering a 3% increase in the last day and breaching the $1,650 threshold. This surge can be attributed to Valkyrie’s proactive move of acquiring Ether futures contracts. After receiving the green light to amalgamate its Bitcoin futures contracts into a dual-crypto investment tool, Valkyrie is set to pioneer the realm of Ethereum futures ETFs.
It's misleading. @ValkyrieFunds' ticker is $BTF and it will begin holing a small % of ETH futures tomorrow (less than 10%). Will switch to 50% ETH 50% BTC next week. Other ETH futures ETFs will launch next week likely monday. Unsure of who or how many at this point. https://t.co/NjIeE7WIDt
— James Seyffart (@JSeyff) September 28, 2023
Following necessary adjustments to their prospectus and fortifying risk disclosures related to Ether futures, Valkyrie received approval, marking a significant achievement in the domain. Addressing concerns around the trade modalities of Valkyrie’s Ether futures contracts, Bloomberg’s senior commodity strategist, James Seyffart, provided clarity.
The Valkyrie Bitcoin and Ether Strategy
To give this change a formal shape, the combined Ethereum and Bitcoin futures contracts ETF will be branded as the “Valkyrie Bitcoin and Ether Strategy ETF”, while the ticker symbol, BTF, remains unchanged. This shift will be official from October 3.
Meanwhile, the U.S. SEC has shown urgency in launching Ethereum futures contracts. With the impending U.S. government shutdown, this move seems strategic, ensuring most of the tasks are completed before a possible unavailability of the majority of the SEC workforce.
However, Valkyrie isn’t the only player in the game. Investment giant VanEck is also in the final stages of introducing its Ethereum futures ETF, expected to hit the market by October 2nd. In its recent promotion blitz, VanEck broadcasted two “Enter the Ether” themed TV commercials, indicating its upcoming Ethereum Strategy ETF, labeled EFUT. The campaign was complemented by a press release, underlining their focus solely on the Chicago Mercantile Exchange for Ether futures contracts.
To Sum it All Up….
The aggressive strides of entities like Valkyrie and VanEck signify the burgeoning demand and interest in Ethereum futures ETFs. As Ethereum’s price reacts positively to these developments, it reflects the market’s optimism. The rapid actions of the U.S. SEC, paired with Valkyrie and VanEck’s initiatives, paint a promising picture for Ethereum’s future in the investment realm. Investors should keep a close watch as this unfolds, potentially setting the stage for a new era in crypto ETFs.