The Valkyrie Bitcoin Strategy Exchange Traded Fund (BTF) is considering modifying the way in which it approaches investments.
In order to launch its Bitcoin futures exchange-traded fund (ETF) ahead of its competitors, Valkyrie plans to modify the investing strategy behind the Bitcoin futures ETF it now offers so that it would also accommodate Ethereum futures contracts.
The Valkyrie Bitcoin Strategy Exchange Traded Fund (BTF) proposes to modify its investment strategy by roughly October 3, with the intention of providing managed exposure to a combination of Bitcoin and Ether futures contracts.
While the fund’s ticker on Nasdaq would stay unchanged, they would alter its name to the Valkyrie Bitcoin and Ether Strategy ETF. This change would take place on January 1st. The action taken by Volatility Shares on July 28 influenced this decision, leading to several funds seeking approval for Ether-related ETFs in the week prior to this one.
Following the implementation of a post-effective adjustment, it may take up to sixty days for modifications to an existing open-end fund or investment trust to take effect, as was the case with the Valkyrie case. According to Rule 485(a) of the SEC, this procedure could take as long as seventy-five days for a new open-end fund.
Remember that the SEC isn’t required to follow a specific schedule, and although Valkyrie’s filing places it ahead of rivals in terms of its anticipated debut date, you should keep this in mind. The SEC has the right to decide whether or not it is acceptable to approve all Ether-related ETFs on the same day. This authority exists regardless of which deadline would provide an advantage to a particular firm.