The Valkyrie Bitcoin Strategy ETF is expected to begin trading on the Nasdaq stock market today on Friday, October 22, just four days after the launch of the first BTC futures fund.
Bloomberg ETF senior analyst Eric Balchunas confirmed that the Valkyrie fund will launch today after initially stating it would be live yesterday, Thursday 21 October.
He added that the company also changed its ticker from BTFD to BTF, commenting that the Securities and Exchange Commission "probably wasn't a fan" of the former. BTFD is an acronym for "buy the f * cking dip" in crypto circles.
A company representative later confirmed to Bloomberg that the ETF is expected to launch today.
VanEck Bitcoin Fund Monday
Just like ProShares, the Valkyrie product will not invest directly in Bitcoin but will seek to purchase a series of BTC futures contracts. It will seek to ensure that the total value of BTC underlying the futures contracts held by the fund is as close as possible to 100% of the net assets.
The next Bitcoin futures fund to be launched will be the VanEck Bitcoin Strategy ETF, which is expected to start trading on the New York Stock Exchange with the XBTF ticker on Monday 25 October.
Judging by ProShares' performance, these two could also see strong demand from institutional investors who want exposure to the world's largest digital asset.
The ProShares fund, launched on Tuesday, recorded a record volume of $ 1 billion on its first day, making it the second-highest fund ever.
The accolades didn't stop there, BITO amassed $ 1 billion in assets under management (AUM) in its first two trading days. This new broken record was previously held by a gold-based fund that reached $ XNUMX billion after its first three days.
Poetically appropriate
Balchunas compared it to gold, commenting that it was poetically appropriate for a BTC fund to beat it.
"$ BITO has assets of up to $ 1,1 billion after today, making it the fastest ETF to reach $ 1 billion (2 days) by breaking $ GLD's 18-year record (3 days), which is poetically appropriate ".
“I've never seen anything like it. I bet ProShares is even shocked ”. - He added.
Bitcoin prices have risen to all-time highs in the wake of the bullish momentum. On October 20, BTC reached a peak of over $ 67. It has since retired slightly to change hands at $ 65.000 at the time of writing.
If you want to buy BTC, you can do so with reputable trading platforms such as Bitcoin Revolution. This allows you to start with a minimum investment of just $ 250.
