Valkyrie Sets October Launch for Bitcoin Futures ETF

In a bold move, asset manager Valkyrie Funds is on the verge of launching its very own Bitcoin ETF - a leveraged Bitcoin Futures ETF, to be exact. With a revised launch date of October 20, Valkyrie joins the ranks of other major asset management firms such as BlackRock and Fidelity who are seeking approval to introduce a spot Bitcoin ETF.

The Rise of Traditional Finance in the Crypto Space

Valkyrie's decision to pursue a Bitcoin ETF demonstrates the growing interest and acceptance of crypto assets within the traditional financial sector. Established players are now recognizing the potential of cryptocurrencies like Bitcoin and are keen to explore their possibilities. This trend indicates a significant shift in the industry, with more institutions embracing digital currencies.

Valkyrie has already made significant strides in the crypto market. In October 2021, they became the second entity in the United States to introduce a Bitcoin futures ETF on the Nasdaq exchange. Now, with their forthcoming leveraged Bitcoin Futures ETF, Valkyrie aims to further expand its presence in the industry and cater to investors looking for more diverse options.

A Race for Crypto ETF Approval

Valkyrie isn't the only player vying for a crypto ETF approval in the U.S. Invesco, WisdomTree, and Direxion are also competing to be at the forefront of this nascent market. Even BlackRock, the world's largest asset manager, has joined the race, a move that solidifies the growing acceptance of Bitcoin and institutional interest in the crypto space.

However, not all companies share the same path. Bitwise, a prominent crypto index fund manager, recently announced the withdrawal of its application to convert its Bitcoin futures fund to a Bitcoin and Ethereum futures fund. This indicates Bitwise's focus on maintaining its Bitcoin exposure instead of diversifying into other cryptocurrencies, unlike Valkyrie.

Gensler's Stance on Cryptocurrency ETFs

The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler, was questioned about approving cryptocurrency spot ETFs during a Senate Banking Committee hearing on September 12. Gensler emphasized the importance of overseeing the crypto space closely but did not provide a clear response regarding the approval of crypto spot ETFs.

As the crypto ETF race intensifies, Valkyrie's October launch date for its Bitcoin Futures ETF brings excitement and anticipation. Investors and industry observers eagerly await the outcome, as the debut of such an ETF would mark a significant milestone in the evolution of the crypto market.

Key Takeaways:

• Valkyrie Funds is preparing to launch a leveraged Bitcoin Futures ETF on October 20.
• Traditional asset management firms like BlackRock and Fidelity are also seeking approval for spot Bitcoin ETFs.
• Valkyrie's move signifies a growing trend of established players exploring the potential of crypto assets.
• Bitwise recently withdrew their application to convert their Bitcoin futures fund to a Bitcoin and Ethereum futures fund.
• Gary Gensler, the SEC chair, has yet to provide a clear stance on approving crypto spot ETFs.