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According to a recent report by FOX Business, Valkyrie Investments has received approval from the Securities and Exchange Commission (SEC) to launch the first exchange-traded fund (ETF) that includes Ethereum (ETH) futures.
This achievement places Valkyrie at the forefront among nine issuers who aim to provide investors with an opportunity to speculate on the future price of the world’s second-largest cryptocurrency through an ETF.
Valkyrie Leads the Race for Ethereum Futures ETF
Ethereum, the native token of the Ethereum blockchain, is currently trading at around $1,659. Valkyrie had previously stated its intention to increase individual participation in the crypto market by offering an ETF that tracks Ethereum futures.
According to FOX, Valkyrie Investments plans to merge its existing Bitcoin (BTC) futures ETF with the newly introduced Ethereum futures ETF to create a unified fund called “Valkyrie Bitcoin and Ether Strategy ETF.”
Notably, the ETF will continue to use the Nasdaq ticker symbol BTF. The fund’s strategy includes significant purchases of Ethereum futures, highlighting the increased interest in this crypto asset over the past year.
Valkyrie, which is set to begin trading on October 3, made an early announcement considering the potential events on Friday that could limit SEC operations.
SEC Chairman Gensler called on companies planning to go public to accelerate their filings before a potential shutdown, following concerns about the federal government’s potential failure to reach a funding agreement, which could lead to the layoff of approximately two million federal workers. The status of Ethereum futures applicants remains uncertain, and the SEC has requested applicants to update their filings with additional information by Friday afternoon.
Finally, Steven McClurg, Chief Investment Officer of Valkyrie, expressed his excitement about offering Ethereum futures to investors and acknowledged the growing interest surrounding this asset class.