Asset manager Valkyrie Funds is preparing to launch its Bitcoin ETF.
In a recent tweet from James Seyffart, a research analyst at Bloomberg Intelligence, Valkyrie Funds updated its post-effective date for a leveraged Bitcoin futures ETF.
The initial filing for this product occurred on May 15, Seyffart noted. However, the asset management company has its sights set on a revised start date of October 20th.
Valkyrie fights for her position
Valkyrie has thrown its hat in the ring alongside prominent asset management firms such as BlackRock and Fidelity, all of which are vying for approval to launch a spot Bitcoin ETF.
The move signals a growing trend in the traditional financial sector, where established players are now eager to explore the potential of Bitcoin and other crypto assets
Also NEW: @ValkyrieFunds has updated the effective date for filing its leveraged #Bitcoin Futures ETFs. The launch is scheduled for October 20th. This thing was originally submitted on May 15, 2023 and will actively manage 100-200% long BTC exposure. pic.twitter.com/7xv7P4tw9x
— James Seyffart (@JSeyff) September 22, 2023
In June 2023, a Valkyrie subsidiary submitted an updated spot ETF proposal. This revised proposal moved the intended exchange to Nasdaq and updated the ticker to $BRRR. Valkyrie Investments already has a Nasdaq-listed Bitcoin futures ETF product.
In October 2021, Valkyrie made waves by launching a Bitcoin futures ETF on the Nasdaq exchange, becoming the second company in the United States to launch a Bitcoin futures ETF.
Institutional interest in ETFs is growing
Valkyrie isn’t the only one seeking crypto ETF approval in the US, as other established players including Invesco, WisdomTree and Direxion are also in the running.
BlackRock, the world’s largest asset manager, has also secured a place in the Bitcoin ETF competition, underscoring BTC’s increasing adoption and institutional interest.
However, Bitwise, a crypto index fund manager, recently backed down compared to Valkyrie. Bloomberg reported on September 22 that the company had withdrawn its application to convert its Bitcoin futures fund into a Bitcoin and Ethereum futures fund. This move implies that Bitwise’s fund will continue to focus exclusively on Bitcoin exposure.
Gensler still does not support crypto ETFs
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler was recently asked about the approval of cryptocurrency spot ETFs during a Senate Banking Committee hearing on September 12. However, Gensler emphasized the need for vigilant monitoring of the crypto space but did not provide a clear answer on crypto spot ETF approvals.
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