Breaking: SEC Quietly Approves Another ETF On A Friday
The SEC is the master of the Friday News Dump.
Valkyrie's $BTF – the second futures-backed Bitcoin ETF – is more than 25 cents higher than its inception price in its first half hour of trading.
Some 450,000 shares trading.
— Sonali Basak (@sonalibasak) October 22, 2021
After the wild success of the ProShares ETF, the SEC approved its second Bitcoin Futures ETF this morning. The winner this time around is Valkyrie Investments, who some speculated would beat out ProShares to be first.
Recommended: I wrote in detail about the SEC, and Friday News Dumps the other day.
- The ETF is going by the moniker “Bitcoin Strategy ETF,” and trading under the ticker symbol BTF.
- BTF opened at $25 USD. At press time, it’s currently trading at 24.66 range, below its open price.
- “This Bitcoin Strategy ETF is a major leap forward for this asset class,” said Leah Wald, Valkyrie CEO. “It enables investors to participate in the digital asset markets through a regulated, transparent product that trades on a trusted, reliable exchange and can be bought and sold as easily as any other investment currently available.”
- The “reliable exchange” part is kind of funny. Crypto exchanges can be not great, but have we not learned anything from the Gamestop fiasco?
- ProShares was a huge success, despite the fact that even Bitcoin futures prophet Eric Balchunas trying to keep expectations low. The ETF rose 4% on its first day, and had the second best ETF launch ever. Not to mention, its two-day haul of a billion was the biggest ever for an ETF.
- The ETF did so well even crypto-resistant publications like Recode (which is owned by VOX Media) wrote about it…
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Text source: CryptosRus
