Valkyrie Gets Approval to Start Buying ETH Futures For its Existing Bitcoin ETF

Asset manager Valkyrie started buying Ether ($ETH) futures contracts, after getting approval to convert its existing bitcoin futures exchange traded fund (ETF) to a two-for-one investment vehicle.

"Today, the Valkyrie Bitcoin Strategy ETF (Nasdaq: $BTF) began adding exposure to Ether futures contracts, making it the first US ETF to provide exposure to Ether and Bitcoin futures contracts under one wrapper," a spokesperson told CoinDesk in an email statement.

Valkyrie was first to get approval for $ETH futures ETF among other firms, as it "supplemented its prospectus and updated risk disclosures related to Ether futures," said the spokesperson.

The fund's new strategy to combine both $ETH and BTC futures contract into one ETF will be formally effective on Oct. 3 and the name will be updated to Valkyrie Bitcoin and Ether Strategy ETF, while the ticker will remain BTF.

The fund will join other entities that filed to start $ETH futures ETF, including Volatility Shares Ether Strategy ETF, Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF, ProShares Ether Strategy ETF and Grayscale Ethereum Futures ETF.

Earlier today, VanEck, the $77.8 billion asset under management firm, said that its preparing to roll out its Ethereum futures exchange-traded fund (ETF).