Leading asset management firm Valkyrie Funds recently announced its upcoming leveraged Bitcoin has made a change to the post-effective date for the Futures ETF. announced. The company, which first applied on May 15, 2023, expects this innovative product to be launched on October 20.
Designed to actively manage a long position ranging between 100-200% in Bitcoin, the ETF is also known as a potentially interesting and dynamic investment option for enthusiasts of the cryptocurrency industry.
As Koinfinans.com reported, the Tennessee-based asset manager followed applications from companies like BlackRock and Fidelity to retry the approval process for its spot Bitcoin ETF.
Valkyrie attracted attention by making an official application for a spot Bitcoin ETF in January 2021. The company revised that application on June 21, marking the exchange as Nasdaq and opting for the symbol BRRR.
Bitwise Invest, on the other hand, withdrew its application to convert BITC from a Bitcoin futures fund to a fund that includes both BTC and ETH futures. This means Bitwise’s current focus is solely on BTC.
Speculation surrounding this decision points to a strategic recalibration potentially stemming from the lack of advantage of owning a dual BTC and ETH ETF, especially if it does not secure first-mover advantage. It also points to some investors’ preference for optimal exposure to Bitcoin alone.