Second US Bitcoin ETF Set to Launch on Friday


Following the wildly successful launch of ProShares’s fund, the second-ever US Bitcoin futures ETF is set to launch on Friday.

Valkyrie Investments is another company that has received permission to open an exchange-traded fund (ETF) based on bitcoin futures in the United States.

On Wednesday, the company filed an updated prospectus with the Securities and Exchange Commission. The Valkyrie ETF will be traded on the Nasdaq under the ticker $BTF. At the last moment, for unknown reasons, the company refused to use the abbreviation "BTFD" as a ticker.

According to Bloomberg Intelligence analyst Erik Balchunas, trading in the instrument will start on Friday, not Wednesday, as he said earlier. This is the third ETF to receive regulatory approval in the United States. A fund from ProShares entered the market on Tuesday, and VanEck expects to launch early next week.

The ProShares ETF, meanwhile, surpassed the $1 billion mark in terms of assets under management. Thus, it became the first ETF to achieve this in such a short time. The previous record was held by ETF GLD, which took three days. In addition, in the first two days, the turnover of the ProShares ETF exceeded $2 billion, which is also a significant achievement, indicating the significant interest of market participants.

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Bitcoin jumps to new high

Meanwhile, as investors cheered the successful launch of the first Bitcoin ETF, BTC price notched a fresh all-time high Wednesday.

The world’s largest cryptocurrency climbed 3.9% to $66,398.25 by 4 p.m. ET, according to Coin Metrics. The coin at its highs passed the $66,900 level Wednesday, topping a previous intraday record of $64,899 set in mid-April.

Ethereum also rose 7.4% to cross back over the $4,000 level. The world’s second-largest cryptocurrency traded at $4,104.61 approaching its all-time intraday high of 4,380 in May.

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