Investment firm Valkyrie Funds has submitted a new application for a Bitcoin futures-based exchange-traded fund (ETF) to be listed on Nasdaq, using one of the popular memes from the financial Twitter community coined by “fintwit” to capture attention and interest. The newly proposed fund, with the suggestive ticker symbol “BTFD,” is an upgrade from the existing block trading facility (BTF) fund, offering leverage and allowing speculators to increase their exposure to the dominant cryptocurrency. Valkyrie’s Bitcoin-centric funds invest in Bitcoin futures traded on the Chicago Mercantile Exchange which enables traders to speculate on the price of Bitcoin without directly owning it. Currently, the market has witnessed the introduction of four distinct Bitcoin futures-based ETFs since the first one, ProShares Bitcoin Futures ETF, was launched in October 2021. However, the United States Securities and Exchange Commission (SEC) has denied several attempts to introduce Bitcoin spot ETFs, citing concerns regarding potential market manipulation in the Bitcoin market. Thus far, digital asset manager Grayscale is involved in a prolonged legal dispute with the SEC as it seeks to transform its Grayscale Bitcoin Trust into a Bitcoin spot ETF. According to a report, the judges presiding over the dispute between the two entities have expressed the view that the SEC “must provide a thorough explanation” regarding its understanding of the connection between Bitcoin futures and the spot price of Bitcoin.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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