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Bloomberg Analyst Predicts Valkyrie’s Bitcoin Futures-Based ETF To Launch In The Coming Days

Eric Balchunas, the analyst of Bloomberg, has predicted that Valkyrie’s Bitcoin (BTC) futures-based ETF is “likely” to launch in the coming days after being certified for listing on the Nasdaq exchange last week.

It has been reported that if true, the milestone would make Valkyrie’s fund only the second Bitcoin ETF to launch in the United States, with ProShares’ futures-based ETF slated to begin trading on the New York Stock Exchange under the ticker BITO on Tuesday.

However, fellow Bloomberg analyst James Seyffart had initially predicted that Valkyrie’s Bitcoin Strategy ETF (BTF) would go LIVE on the same day as ProShares’ product. Balchunas tweeted earlier on Monday that Varlkyrie’s fund will “likely” launch on Wednesday or Thursday, adding that ProShares will have the “market to itself” for the time being.

Balchunas also noted that Valkyrie had updated its ticker from BTFD to BTF in its application.

The report said that despite the bullish sentiment surrounding the United States Securities and Exchange Commission approving the US’ first Bitcoin ETF, Invesco announced it had withdrawn its application for a futures-based ETF on Monday. While onlookers had predicted Invesco’s futures ETF would receive the green light from the SEC this week, the firm revealed on Monday that it had withdrawn its application, adding its intentions to work toward launching a spot Bitcoin ETF in partnership with crypto broker-dealer Galaxy Digital.

Invesco stated:

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors a full shelf of products with exposure to this transformative asset class, including pursuing a physically-backed, digital asset ETF.”

Likewise, during Tuesday’s episode of Anthony Pompliano’s Best Business Show, Seyffart and Balchunas argued that the approval of a spot BTC-backed ETF is unlikely to happen anytime soon.

Thus, Balchunas asserted that SEC Chair Gary Gensler is much more “comfortable” with Bitcoin futures-based ETFs, as they offer greater consumer protections than spot-backed funds.

Source: Cointelegraph



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