Category: SEC

Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch on Nasdaq This Week

Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch on Nasdaq This Week

After the Proshares Bitcoin Strategy exchange-traded fund (ETF) listed and smashed records in the first two days of trading, Vaneck’s bitcoin futures ETF was given the green light to start trading next week. Furthermore, sources say that the Valkyrie Bitcoin Strategy ETF is set to launch this week with a possible listing on Friday.
Proshares Bitcoin ETF Smashes Records
October is the month of bitcoin exchange-traded funds as the United States approved the first ETF last week. Proshares Bitcoin Strategy ETF (NYSE: BITO) listed on Tuesday and saw close to $1 billion in volume on its first day of trading.
The following day, BITO continued to perform remarkably and bitcoin (BTC) spot markets tapped a new lifetime price high at $67,017 per unit.

If $BITO keeps up this pace of inflows it wont have any futures left to buy by the end of the month due to pos limits (via rough back of envelope calc w/ @JSeyff ). https://t.co/KauFuaPzhb
— Eric Balchunas (@EricBalchunas) October 21, 2021

In fact, the senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, explained how the bitcoin ETF was one of the fastest in history to capture $1 billion in assets. Balchunas said:
RECORD BREAKER: BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking [gold’s] 18 [year] old record (3 days), which is poetically apropos.
Chart shared by senior ETF analyst for Bloomberg Intelligence, Eric Balchunas, on Wednesday.
Two Sources Say Valkyrie Bitcoin Strategy ETF Set to Launch Friday
Balchunas is one source that has said that the Valkyrie Bitcoin Strategy ETF is set to launch this week. In addition to statements from Balchunas, crypto reporter Danny Nelson confirmed with a Valkyrie spokesperson that the fund will begin trading on Friday after it “cleared the final regulatory hurdles.” Bloomberg’s senior ETF analyst also explained the news on Twitter.
“Just got word Valkyrie is changing the ticker back to BTF 🙁 SEC prob wasn’t a fan of BTFD. Also odds [are] growing they will launch tomorrow. Not final yet [though],” Balchunas said.
Then he corrected his tweet and noted that the Valkyrie ETF would list on Friday. “I had said this was launching [tomorrow] it’s actually going to be on Friday. Sorry about that,” the analyst further detailed.

The Valkyrie fund will leverage the ticker symbol “BTF” but there was talk about the company adopting the ticker “BTFD.” Unlike Proshares and Vaneck, the Valkyrie ETF will list on Nasdaq rather than the New York Stock Exchange (NYSE).
Valkyrie’s ETF was originally filed in August and the operating expenses per year are 0.95%, according to the pre-effective amendment filed Wednesday morning.
What do you think about the possibility of Valkyrie’s ETF launching this Friday? Let us know what you think about this subject in the comments section below.

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approval, bitcoin etf, bitcoin futures, Bloomberg Intelligence, BTF, BTFD, Danny Nelson, Eric Balchunas, ETF analyst, ETF Listing, nasdaq, NYSE, Proshares ETF, SEC, sec approval, senior ETF analyst, Valkyrie, Valkyrie Bitcoin, Valkyrie Bitcoin Strategy ETF, Valkyrie spokesperson, Vaneck ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons, Eric Balchunas Twitter,

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Vaneck Bitcoin Futures ETF Gets Green Light from SEC — Fund to Join Proshares BTC ETF Listing on NYSE

Vaneck Bitcoin Futures ETF Gets Green Light from SEC — Fund to Join Proshares BTC ETF Listing on NYSE

The wealth manager Vaneck will be launching its bitcoin futures exchange-traded fund (ETF) in the United States following the Proshares ETF listing that launched on Tuesday. According to the post-effective filing with the U.S. Securities and Exchange Commission (SEC), the Vaneck bitcoin futures ETF launch is approved to be listed after October 23.
Vaneck’s Bitcoin Futures ETF Is the Second US Fund to Get Approval From Regulators
This week, the Proshares Bitcoin Strategy exchange-traded fund (BITO) launched with a lot of fanfare and the ETFs volume broke records on Tuesday. The following day, bitcoin (BTC) spot markets smashed an all-time price (ATH) at $67,017 per unit. Additionally, the wealth manager Vaneck published its bitcoin futures ETF post-effective filing on Wednesday which indicates that the SEC has green-lighted the listing on NYSE Arca.
The Vaneck post-effective filing approval says the fund is granted to list after October 23, 2021, which means the ETF may list on Monday, October 25, 2021.
The Vaneck Bitcoin Strategy ETF’s ticker will be “XBTF” and the fund leverages cash-settled bitcoin futures contracts. The Vaneck ETF summary details that the fund “does not invest in bitcoin or other digital assets directly.” After the post-effective filing was published, Nate Geraci, the co-founder of The ETF Institute tweeted about the approval. “Vaneck [is] joining the bitcoin futures ETF party next week,” Geraci said.
The Vaneck approval follows the phenomenal market performance Proshares Bitcoin Strategy exchange-traded fund (BITO) saw on Tuesday. Eric Balchunas, the senior ETF analyst for Bloomberg explained on Wednesday that BITO is already “in the top 30% of ETFs by assets and a near-lock to exceed my $750m by end-of-week estimate.”

Vaneck’s Decision to Apply for Bitcoin Futures ETF Followed Gary Gensler’s statements Concerning Futures-Based Funds
Vaneck decided to apply for the Bitcoin Strategy ETF on August 10, following SEC chairman Gary Gensler’s statements that week. At that time, Gensler said he looks forward to regulators reviewing ETFs that are particularly associated with bitcoin futures, he mentioned the U.S. Investment Company Act of 1940 as possibly being sufficient enough for regulation.
Gary Gensler also spoke about the approval of the Proshares bitcoin ETF during an interview with CNBC Tuesday and he said: “Bitcoin futures have been overseen by our sibling agency, the Commodity Futures Trading Commission [CFTC], which I was once honored and proud to serve there and that’s been four years.”
The Proshares and Vaneck bitcoin futures ETF approvals mark a milestone for bitcoin-related exchange-traded funds in the United States. For the first time, U.S. investors can participate in an ETF that has some ties to the leading crypto asset bitcoin (BTC).
The U.S., however, is not the first North American ETFs to be approved as Canada has approved a few bitcoin-related ETFs during the last 12 months. While October 23 is a Saturday, the community expects the Vaneck bitcoin futures ETF to list the following Monday on October 25.
What do you think about Vaneck getting approval to list its bitcoin futures ETF in the U.S.? Let us know what you think about this subject in the comments section below.

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approval, bitcoin etf, bitcoin futures, CFTC, ETF Listing, Gary Gensler, Proshares ETF, SEC, sec approval, vaneck, Vaneck bitcoin, Vaneck Bitcoin ETFs, Vaneck Bitcoin Futures ETF, Vaneck ETF

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Crypto Fraudsters Who Raised $24,000,000 for Fictitious Bitcoin-Mining Facility Face 5 Years in Jail for Tax Evasion

Crypto Fraudsters Who Raised $24,000,000 for Fictitious Bitcoin-Mining Facility Face 5 Years in Jail for Tax Evasion

Two founders of a cryptocurrency firm that defrauded investors are facing up to half a decade in prison for tax evasion.
According to the U.S. Attorney’s Office in the Northern District of Texas, Bruce Bise and Samuel Mendez founded crypto company Bitqyck and held an initial coin offering (ICO) in 2016, raising approximately $24 million from over 13,000 investors.
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SEC Requests Court To Extend Discovery Phase of Lawsuit With Ripple for Two Months

SEC Requests Court To Extend Discovery Phase of Lawsuit With Ripple for Two Months

The U.S. Securities and Exchange Commission (SEC) is requesting that the court extend the discovery phase of its lawsuit against Ripple Labs by an additional two months, according to new case documents.
The discovery phase is a pre-trial stage of a lawsuit where both parties present relevant information and evidence.
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Bitcoin futures ETF debuts with highest ever first day 'natural' volume of $1B

Bitcoin futures ETF debuts with highest ever first day 'natural' volume of $1B

ProShares’ Bitcoin Strategy exchange-traded fund (BITO) saw the highest ever first day “natural” volume for an ETF, with the figure reaching a little over $1 billion by the end of the opening day.It is second overall, tailing just behind the Blackrock US Carbon Transition Readiness ETF which booked $1.16B in volume on its debut in April. The ProShare’s Bitcoin futures-based ETF launched on the New York Stock Exchange (NYSE) on October 19 with an opening price of $40.88. According to data from TradingView, BITO closed the day at $41.94 with a total of 24.313 million shares changing hands, equating to a first-day volume of just over $1 billion.Commenting on the BITO’s opening day performance, Bloomberg’s senior ETF analyst Eric Balchunas tweeted that ProShares’ ETF was arguably the largest in terms of “natural” or “grassroots interest.” If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest. pic.twitter.com/wmZiHnpFrS— Eric Balchunas (@EricBalchunas) October 19, 2021Balchunas said Blackrock’s US Carbon Transition Readiness ETF (LCTU) April launch volume was “unnatural” as it was driven by “one pre-planned giant investor.” LCTU’s daily volume also fell off a cliff to between $2 million to $6 million in the days after launch.There were reportedly $570 million worth of inflows for BITO on the first day, suggesting that ProShares’ ETF could rank itself as an industry heavyweight in terms of year-one net flows for a first-to-market single commodity ETF in 12 months.According to data from FactSet, the top two single commodity ETFs leading the pack are Gold and Silver, with year-one flows of $3 billion and $1.7 billion respectively. Outside of commodities, the largest year- one flow for an ETP of $5.351 billion was for the Invesco QQQ Trust.Wondering how big the new bitcoin futures ETFs might get?The white papers we submitted to the SEC last week have some context. For instance, here’s a table of the first year net flows into every first-to-market single commodity ETF (FactSet data).https://t.co/3UnIel6sfX pic.twitter.com/h5Jg6RdgWd— Matt Hougan (@Matt_Hougan) October 18, 2021

While the bullish performance marks a significant milestone for ProShares and the crypto sector, Balchunas warned that it could have consequences for the other firm’s next in line to launch their own Bitcoin (BTC) futures ETFs:“The other result of today is it makes life that much harder for the next in line ETFs to succeed. Time is of the essence. Every day counts because once an ETF gets known as ‘the one’ and has tons of liquidity, it’s virtually impossible to steal.”Related: Buy the rumor… buy the news? BTC price passes $63K as US Bitcoin ETF launchesFollowing ProShares’ ETF launch on Tuesday, U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler outlined in an interview why he, and the SEC, favor ETFs backed by Bitcoin futures as opposed to the spot price of BTC. “BTC futures have been overseen by the SEC’s sister agency, The Commodities Futures Trading Commission, for the past four years. You have something that’s been overseen for the past four years by a federal regulator and it’s also been wrapped up in the SEC’s jurisdiction through the Investment Company Act of 1940,” he said. Valkyrie’s Bitcoin futures-based ETF is set to be the second product to join BITO on the NYSE this week. It cheekily changed its ticker to BTFD, which is slang for Buy The F–ing Dip.

SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF

SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF

SEC Chair Gary Gensler and Proshares CEO Simeon Hyman discussed the launch of the first Bitcoin-linked ETF in a CNBC breaking news segment on Tuesday.Proshares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin futures contracts. CNBC commentator Bob Pisano shared concerns from some investors that BTC futures could deviate from the BTC spot price:“The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest US crypto exchange. We launched a similar mutual fund on 7/28 and since we launched on Friday, the Bitcoin Reference Rate is up 52 percent, our BTC mutual fund is up 52 percent and the BTC Greyscale Trust is up 37 percent.”The debut of BITO follows announcements that other BTC-linked funds, including Valkyrie’s Bitcoin Strategy ETF, are set to start trading on the Nasdaq. A new blockchain-industry-based fund, called the Volt Crypto Industry Revolution and Tech ETF, intends to begin trading soon as well.Pisano asked SEC Chair Gary Gensler about earlier comments where he said he did not have the same concerns with issuing BTC futures-linked funds versus a fully-linked BTC fund. Gensler confirmed:“What we are trying to do is bring new projects into the investor-protected perimeter. BTC futures have been overseen by the SEC’s sister agency, The Commodities Futures Trading Commission, for the past four years. You have something that’s been overseen for the past four years by a federal regulator and it’s also been wrapped up in the SEC’s jurisdiction through the Investment Company Act of 1940.” Hyman expressed his confidence in the new fund noting the history of BTC’s price action, US securities laws, and the opportunity for a new opportunity for investors:“There’s a lot of history here. We believe it will trade quite well. We think regulated futures traded in a 40-act ETF will open the opportunity to get BTC exposure to a lot of folks who may have been waiting on the sidelines.”

ProShares Bitcoin-linked ETF launches on NYSE as BTC price rises above $63K

ProShares Bitcoin-linked ETF launches on NYSE as BTC price rises above $63K

The first Bitcoin (BTC) futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, opening at a price of $40 per share.According to the New York Stock Exchange, ProShares’ Bitcoin Strategy ETF, the first exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication. The addition of the crypto fund to a major stock exchange follows years of deferred decisions from the Securities and Exchange Commission, or SEC, the regulator responsible for greenlighting the asset.The NYSE welcomes @ProSharesETF in celebration of the first U.S. Bitcoin-Linked ETF $BITO https://t.co/0qh0NDS2d4— NYSE (@NYSE) October 19, 2021“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” ProShares CEO Michael Sapir said on Monday. The SEC first accepted the registration request for ProShares’ Bitcoin Strategy ETF on the NYSE on Friday shortly before doing the same for shares of digital asset manager Valkyrie’s BTC futures ETF for a listing on the Nasdaq. Institutional asset manager Grayscale also announced on Monday it planned to convert its GBTC Trust into an ETF in the future. The SEC currently has several crypto ETF applications under consideration.”The ProShares ETF will provide greater market access and ease of use for institutional investors who want to get into the cryptocurrency markets,” said Mary Beth Buchanan, global chief legal officer at blockchain investigative platform Merkle Science. “The newest futures based ETF will trade on the NYSE and will feel more familiar to institutional investors than opening individual trading accounts and trading directly on a spot or futures based cryptocurrency exchange or crypto trading platform.”Related: Traders celebrate Bitcoin’s impending ETF, but options markets are less certainAccording to data from Cointelegraph Markets Pro, the price of Bitcoin rose following shares of ProShares’ ETF opening for trading, moving 1.2% from $62,557 to a five-month high of $63,293. This marks a return to the crypto asset moving above $63,000 for the first time since April, when it hit a then all-time high price of $64,863.

Analysts predict Valkyrie will launch Bitcoin Futures ETF this week

Analysts predict Valkyrie will launch Bitcoin Futures ETF this week

Commentators are predicting that a second futures-based Bitcoin exchange-traded fund (ETF) will go live by the end of the week following the launch of ProShares’ Bitcoin Strategy ETF later today.On Oct. 19, Bloomberg’s analyst Eric Balchunas predicted that Valkyrie’s Bitcoin (BTC) futures-based ETF is “likely” to launch in the coming days after being certified for listing on the Nasdaq exchange last week. If true, the milestone would make Valkyrie’s fund only the second Bitcoin ETF to launch in the United States, with ProShares’ futures-based ETF slated to begin trading on the New York Stock Exchange under the ticker $BITO on Oct. 19.Fellow Bloomberg analyst James Seyffart had initially predicted that Valkyrie’s Bitcoin Strategy ETF ($BTF) would go live on the same day as ProShares’ product. However, Balchunas tweeted earlier today that Varlkyrie’s fund will “likely” launch on Oct. 20 or Oct. 21, adding that ProShares will have the “market to itself” for the time being.Update: Valkyrie not going live tomorrow. Likely looking to launch Wed or Thu tho, but we’ll see. Anyway, $BITO will have market to itself tomorrow. https://t.co/G2Ucit6yxM— Eric Balchunas (@EricBalchunas) October 18, 2021Balchunas also noted that Valkyrie had updated its ticker from BTFD to BTF in its application.Invesco bows out of race to launch futures-based Bitcoin ETFDespite the bullish sentiment surrounding the U.S. Securities and Exchange Commission (SEC) approving the United States’ first Bitcoin ETF, Invesco announced it had withdrawn its application for a futures-based ETF on Oct. 18.While onlookers had predicted Invesco’s futures ETF would receive a greenlight from the SEC this week, the firm revealed on Oct. 18 that it had withdrawn its application, adding its intentions to work toward launching a spot Bitcoin ETF in partnership with crypto broker-dealer Galaxy Digital. Invesco stated: “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.”Related: SEC extends four Bitcoin ETF deadlines by 45 daysHowever, during an Oct. 19 episode of Anthony Pompliano’s “Best Business Show,” Seyffart and Balchunas argued that the approval of a spot BTC-backed ETF is unlikely to happen anytime soon.Balchunas asserted that SEC chairman Gary Gensler is much more “comfortable” with Bitcoin futures-based ETFs as they offer greater consumer protections than spot-backed funds.

Law Decoded: Best regulation is self-regulation, Oct. 11–18

Law Decoded: Best regulation is self-regulation, Oct. 11–18

Between fever-pitch anticipation over the impending approval of a Bitcoin exchange-traded fund, the CFTC’s $42-million-plus settlement with Tether and Bitfinex, and Vladimir Putin brooding over cryptocurrency’s capacity to transfer value, this past week has been saturated with major policy news. While all the above are the instances of the state figures and institutions’ top-down actions and statements on digital assets, an arguably even more interesting tide has emerged on the side of the crypto industry itself.Two major players of the digital space, Coinbase and a16z (Andreessen Horowitz), came forward with proposed visions for regulating internet-native economic activityBelow is the concise version of this newsletter. For the full breakdown of policy developments over the last week, register for the full newsletter below.Regulatory push from the bottom upThe broad proposal put forth by a16z presents a vision of Web 3.0 as an array of technologies to organize human activities that are fundamentally decentralized. Its policy agenda emphasizes the need for regulators to ensure an environment where the digital infrastructure supporting Web 3.0 could flourish and where risks are addressed in a targeted fashion. Coinbase’s framework is more narrowly focused on the realm of digital finance. Consonant with a16z’s vision, it argues in favor of designating a separate agency (presumably, not the SEC) to oversee the activities of what the framers call marketplaces for digital assets, or MDAs.ETF excitementA huge part of the crypto crowd seemed on the verge of breaking into tears of joy over multiple signals suggesting that the SEC would not get in the way of a Bitcoin ETF. SEC Chair Gary Gensler has previously spoken favorably of the level of investor protection granted by those Bitcoin ETFs that are based on BTC futures rather than the “physical” asset.Gensler’s sentiment provided a background against which subtle cues like Nasdaq’s certification of Valkyrie’s Bitcoin Strategy ETF and a suspiciously well-timed SEC Investor Ed tweet made the approval look all but a done CBDCs never sleepAnother week, another crop of reports of central bank digital currency advancement from nearly every time zone. In the United Kingdom, an independent nonprofit called the Digital Pound Foundation will support the nation’s CBDC effort with expert insight. Over in Japan, a central bank official emphasized the need for the simplicity of the prospective digital yen’s design that would ensure interoperability with commercial payment systems. Finally, the financial brass of the G7 discussed foundational policies around digital national currencies, suggesting that there is enough cross-border coordination to make the major sovereign CBDCs of the future fully interoperable.

ProShares Bitcoin ETF to debut on NYSE on Oct. 19

ProShares Bitcoin ETF to debut on NYSE on Oct. 19

The first Bitcoin (BTC) futures-linked exchange-traded fund (ETF) in the United States, ProShares’ Bitcoin Strategy ETF, will begin trading on the New York Stock Exchange (NYSE) on Oct. 19 under the ticker BITO.ProShares CEO Michael Sapir said the launch marks an important milestone for cryptocurrency ETFs in the United States following several years of effort to list one on an exchange:“BITO will continue the legacy of ETFs that provide investors convenient, liquid access to an asset class. 1993 is remembered for the first equity ETF, 2002 for the first bond ETF, and 2004 for the first gold ETF. 2021 will be remembered for the first cryptocurrency-linked ETF.”Sapir went on to say that the Bitcoin ETF’s debut on NYSE unlocks massive exposure for investors in traditional financial markets.“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” he said.The news comes shortly after the U.S. Securities and Exchange Commission (SEC) accepted the registration request for ProShares’ Bitcoin ETF on Oct. 15. On the same day, the SEC also accepted the registration request for shares of Valkyrie’s Bitcoin Strategy ETF for listing on Nasdaq.Related: Grayscale hints at plans to convert Bitcoin trust into BTC-settled ETFOn Oct. 5, the SEC also approved Volt Crypto Industry Revolution and Tech ETF, a crypto ETF linked to companies with Bitcoin exposure, including firms like Microstrategy and Tesla.“Though it isn’t holding the actual coin, it doesn’t look like a coin-based ETF will be coming out this year either. The next approvals will probably be futures based ETFs which also aim for bitcoin exposure, but they come with their own set of problems that isn’t in a coin-based ETF,” Volt Equity CEO Tad Park told Cointelegraph.Amid positive Bitcoin ETF news in the United States, Bitcoin price surged around 30% over the past 14 days, crossing $60,000 for the first time since April on Oct. 15. At the time of writing, Bitcoin is trading at $61,692, up around 1.3% over the past 24 hours, according to data from CoinGecko.

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