According to the ETF analysts from Bloomberg, the Valkyrie Bitcoin futures ETF trading is scheduled to start as early as this week. After the launch of the ProShares Bitcoin futures ETF on the New York Stock Exchange (NYSE), Eric Balchunas, a Bloomberg ETF analyst, claims that it is very “likely” for Vakyrie’s ETF launch.
On 15th October, the United States monetary authority, Securities and Exchange Commission or SEC, accepted the letter requesting the registration for the shares of Valkyrie’s Bitcoin futures ETF on NASDAQ.
The first Bitcoin futures ETF by ProShares garnered approval from the authorities and will be available to trade on the NYSE under the name BITO. If the ETF by Valkyrie gets approved, it would be the second BTC ETF to procure approval in the United States.
Valkyrie among others racing for Bitcoin futures ETF approval
Although Eric Balchunas tweeted that the Valkyrie Bitcoin futures ETF will get approval by Wednesday or Thursday, another Bloomberg analyst, James Seyffart, claimed that Valkyrie’s ETF ($BTF) could go live at the same time as ProShares ETF, but this doesn’t seem to be the case.
Much to everyone’s surprise, Invesco dropped out from the Bitcoin futures ETF race on 18th October. The firm made a statement regarding this dropout,
“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed, digital asset ETF.”
Invesco
What about a Bitcoin-backed ETF?
We witnessed a discussion regarding the approval of a Bitcoin-based ETF in the near future in Anthony Pompliano’s Best Business Show.
In the show, Seyffart and Balchunas shared their views on the factors revolving around the approval of a Bitcoin-backed exchange-traded fund. While both the firms have faith in the release of Valkyrie Bitcoin futures ETF, it seems that the applications for BTC ETF will remain pending.
Both the analysts claim that it is not possible for the ETF to get approval this year because the Chairman of SEC doesn’t seem to be comfortable in giving a green signal to a BTC-based ETF.