SEC authorizes Valkyrie to launch the 1st ETF on Ethereum futures

Valkyrie has been approved by the SEC to add Ethereum futures to its ETF Bitcoin. This is the first exchange-traded fund at US of this type. At the same time, the regulator postponed sa decision for ETF spot on Bitcoin.

Valkyriewhich yesterday announced the imminent launch of a ETF on Ethereum futures contractshas received approval from the U.S. Securities and Exchange Commission to add ETH futures to its existing Bitcoin exchange-traded fund, reported Reuters.

Renamed Valkyrie Bitcoin and Ether Strategythe new fund will be launched early next week. It retains its BTF ticker symbol.

This is the first time that US investors will be able to gain exposure to ETH futures through an ETF. Several managers, including Bitwise and Grayscale, had also applied for such a product.

Valkyrie’s approach – to modify the investment strategy of an existing fund, not to create a new one – enabled it to have its application considered before those of other issuers. Analysts expect other ETFs on ETH futures to be launched in the near future.

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Valkyrie’s fund will invest in standardized, cash-settled ETH futures contracts. They will be traded on the Chicago Mercantile Exchange and other CFTC-registered exchanges, according to a release.

Over 24 hours, the price of Ethereum (ETH) rose by almost 3% to around $1,650 in a broadly green market on Friday morning. Bitcoin (BTC) was up 2.2% at nearly $27,000.

Meanwhile, the SEC has postponed its decision on Bitcoin spot ETF applications from BlackRock and Invesco. The federal agency also recently postponed its review of Ark21 Shares and Global X’s applications for similar funds.

Note that the SEC will also be asked to rule on an application for a spot ETF on Ethereum.

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