Valkyrie Investments, according to a recent story on FOX Business, has received permission from the Securities and Exchange Commission (SEC) to establish the first #ETF with #Ethereum (ETH) futures.
This success puts Valkyrie in the lead among the nine issuers aiming to give investors exposure to the second largest digital asset in terms of market capitalization through an ETF.
The Ethereum Futures Exchange Traded Fund Race Sees Valkyrie Come Out on Top
The native coin of the Ethereum network, ether, is presently worth about $1,659. The goal of Valkyrie is to increase retail involvement in the cryptocurrency market by launching an ETF that follows Ether futures.
FOX reports that Valkyrie Investments has plans to combine its Bitcoin (BTC) futures ETF and the recently launched Ether futures ETF into a new fund called "the Valkyrie Bitcoin and Ether Strategies ETF."
The ETF will continue to trade under the same Nasdaq symbol, BTF. The strategy of the fund involves the opportunistic purchase of Ethereum futures, which reflects the increased attention paid to this cryptocurrency over the previous 12 months.
Trading on Valkyrie was set to begin on October 3, but because to the potential government shutdown this Friday, the SEC had to move forward the opening date.
Without a financial agreement, over two million federal workers might be let off, prompting Gensler to advise firms considering an IPO to move quickly.
Ether futures applicants' fate is in doubt until Friday afternoon, when they must submit any new material to the SEC.
Last but not least, Steven McClurg, Chief Investment Officer at Valkyrie, is excited to be selling Ethereum futures to investors ahead of the curve. He sees an enormous potential in this sector.
