Valkyrie Funds, a leading asset management company, has Announced a change in the post-effective date of its imminent Bitcoin futures leveraged ETF. Originally presented on May 15, 2023, the firm anticipates the launch of this innovative product on October 20.
It is designed to actively manage exposure, ranging from 100% to 200% long in Bitcoin, potentially offering a dynamic and intriguing investment option for cryptocurrency sector enthusiasts.
The ETF spot race
As U.Today reported, the Tennessee-based asset manager has joined the likes of BlackRock and Fidelity to retry the process of getting approval for a spot Bitcoin ETF.
The company had initially filed for a spot Bitcoin ETF in January 2021 and had named Nasdaq as its preferred exchange in refiled documents on June 21, changing its symbol to BRRR.
Bitwise Strategy Adjustment
Bitwise Invest has withdrawn its application to transmute BITC from a Bitcoin futures fund to a fund that includes both Bitcoin and Ethereum futures. This implies that Bitwise’s current focus will be solely on Bitcoin exposure.
Speculation surrounding this decision suggests a strategic recalibration, potentially driven by a perceived lack of advantage in holding a dual BTC and ETH ETF, especially if it does not guarantee first-mover advantage. It also indicates a preference among some investors for optimal exposure to Bitcoin alone.