Valkyrie’s Bitcoin ETF futures are expected to begin trading this week, according to Bloomberg ETF analysts. Following the introduction of the ProShares ‘Bitcoin Strategy ETF later on Tuesday, analysts believe that a second futures fund based on the Bitcoin exchange-traded fund (ETF) will be online by the end of the week.
If genuine, the Valkyrie fund will be the second Bitcoin ETF to be established in the United States, following ProShares’ future ETF, which will begin trading on the New York Stock Exchange on Tuesday under the symbol BITO.
James Seyffart, a Bloomberg analyst, assured that Valkyrie’s Bitcoin Strategy ETF (BTF) will be live on the same day as the ProShares product. Varlkyrie’s wallet, on the other hand, “might” be launched on Wednesday or Thursday, according to Balchunas, who added that ProShares will have “the market itself” for the time being.
Despite the positive reaction to the Securities and Exchange Commission’s approval of the first U.S. Bitcoin ETF, Invesco has withdrawn its ETF application, which was due tomorrow Monday.
While many speculate that the Invesco ETF will be approved by the SEC this week, the business announced on Monday that it has withdrawn its application and announced intentions to launch a Bitcoin ETF in collaboration with crypto broker trader Glass Digital. According to Nvesco:
“While we have no plans to launch a Bitcoin futures ETF anytime soon, we will continue to work with Galaxy Digital to provide investors with a broad variety of products exposed to this new asset class, including the development of a digital asset ETF.”
However, on Tuesday’s episode of Anthony Pompliano’s Best Business Show, Seyffart and Balchunas claimed that the BTC-backed local ETF’s approval could not come soon enough.
Balchunas said that SEC Chairman Gary Gensler was “quite comfortable” with future Bitcoin ETFs since they provided more consumer protection than spot funds.