- Valkyrie filed to convert their Bitcoin Futures ETF into a spot Bitcoin and Ethereum ETF.
- The Fund plans to change its principal investment strategy to a different management exposure.
- Valkyrie’s new exposure would combine Bitcoin Futures contracts and Ether Futures contracts.
Valkyrie Funds, an alternative assets management company based in the United States, has submitted a filing to allow them to convert their Bitcoin Futures ETF (BTF) into a spot Bitcoin and Ethereum ETF starting October 3. Eric Balchunas, Senior ETF analyst for Bloomberg, observes that the proposed date will be two weeks ahead of the scheduled launch of the other 13 filers, noting that he is keen to see how this plays out.
In an application dated August 4, 2023, Valkyrie stated it would change its principal investment strategy of Valkyrie Bitcoin Strategy ETF to pursue its investment objective through a different management exposure. The exposure would combine Bitcoin Futures contracts and Ether Futures contracts.
Valkyrie also used the application to request a change of nomenclature to the Funds’ name. The assets management company proposed to refer to the new Fund as Valkyrie Bitcoin and Ether Strategy ETF. Despite the proposed name change and strategy, the Fund would continue trading on the Nasdaq Stock Market LLC under the ticker symbol, ‘BTF’.
According to Valkyrie’s application:
“The forgoing changes will only take effect and are conditioned upon the effectiveness of the Trust’s Post-Effective Amendment N0 23 under the Securities Act of 1993, including any amendments thereto, which has been filed with the Securities and Exchange Commission (SEC) on August 4, 2023, and contains further information about the changes to the Fund’s name and investment strategy.”
James Seyffart, a renowned asset management expert, considers Valkyrie’s filing a big move in the crypto assets management industry. Despite not knowing exactly how it would play out, Seyffart considers the development fascinating. He describes it as a 3D chess move with the expectation that it works out as planned.
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