Asset management firm Valkyrie has moved to convert its Bitcoin Strategy exchange-traded fund (BTF) into a Bitcoin and Ether Strategy ETF.

According to the firm’s website, BTF is an actively managed exchange-traded fund (ETF) available through Nasdaq. BTF, which primarily invests in BTF futures contracts, represents one of Valkyrie’s first endeavors in the Bitcoin derivative product markets.

Valkyrie Files 497 For Bitcoin, Ether Futures ETF: Bloomberg Analyst

Investopedia defines form 497 as a regulatory document that allows investment companies and mutual funds to submit their definitive materials in the Securities and Exchange Commission’s (SEC’s) EDGAR (electronic data gathering, analysis, and retrieval) filing system.

On Friday, August 4, Bloomberg senior ETF analyst Eric Balchunas disclosed on X (formerly Twitter) that Valkyrie filed a form 497 to convert its BTF to a Bitcoin and Ether Futures ETF on October 3, 2023. This means that BTF – which was initially a Bitcoin Futures ETF only – would also include an Ether Futures ETF.

Balchunas tagged the Valkyrie submission as the 14th Ether ETF application so far. He also noted that Valkyrie may be trying to outleap competition, as the firm’s proposed date – October 3rd – is two weeks ahead of other applicants’ scheduled launch. 

Furthermore, Balchunas likened this application to that of the first pot ETF, MJ, in 2017.  At the time, ETF Managers Group (ETFMG) combined a new marijuana ETF with an existing ETF, the Tierra XP Latin America Real Estate ETF (LARE).

Another Bloomberg intelligence analyst James Seyffart called it a “massive” move while admitting that it is still unclear how the ETF would work.

If approved, this would come as another advancement for Valkyrie, especially after the recent positives recorded on its

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Author: Opeyemi Sule

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