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Crypto Asset Manager Valkyrie Files for Bitcoin Futures ETF
Valkyrie said that the ETF would not "directly invest in bitcoin."
By James Rubin
Updated Sep 14, 2021, 1:39 p.m. Published Aug 11, 2021, 11:05 p.m.
The crypto trading firm Valkyrie Investments filed a proposal with the Securities and Exchange Commission (SEC) on Wednesday for a bitcoin futures exchange traded fund (ETF).
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- The "Fund will not directly invest in bitcoin," according to the proposal, but "will seek to purchase a number of bitcoin futures contracts so that the total value of the bitcoin underlying the futures contracts" in it is as close as possible "to 100%" of the fund's net assets.
- Valkyrie's filing follows less than a week after remarks at the Aspen Security Forum by SEC Chairman Gary Gensler, who noted that he would favor ETFs based on bitcoin futures traded on the Chicago Mercantile Exchange (CME).
- Atlanta-based asset manager Invesco has already applied for an ETF that would include exposure to futures, the Grayscale Bitcoin Trust (GBTC) and Canadian bitcoin ETFs. (Grayscale is a subsidiary of Digital Currency Group, CoinDesk’s parent company.)
- Valkyrie raised $10 million in a Series A capital round to drive its ETF ambitions. It filed a bitcoin ETF prospectus this year and has been awaiting an SEC decision on its application along with other companies that have filed ETF proposals.
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Crypto Markets Today: Bitcoin Rises, but Risk Appetite Remains Weak
Crypto prices are little changed, with bitcoin steady after dropping back from last week’s post-Fed high while altcoins continue to underperform amid risk-off sentiment.
What to know:
- BTC rebounded from Sunday’s $88,000 low to around $89,900, though it remains well below the $94,300 it hit after the Fed’s 25 basis-point rate cut.
- More than half of the top 100 tokens are lower over 24 hours, with the CoinDesk 20 up just 0.16% and the broader CD80 down 0.77%, underscoring altcoins' continuing underperformance.
- Sentiment has slipped back into “extreme fear,” altcoin season indicators remain depressed, and bitcoin dominance continues to climb, reflecting investor preference for larger-cap assets.
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