The Valkyrie Bitcoin ETF is finally here! The first bitcoin-based investment fund will start trading on Friday. According to senior ETF analyst at Bloomberg Eric Balchunas. The asset manager likely exploited “its status as a first time issuer [to] skip the queue by requesting to become effective.” Balchunas previously said, leading Valkyrie up the line and ahead of VanEck.
The bitcoin ETF race in the U.S. has been fierce and competitive for over a year now. Finally, the race ended after several delayed applications when SEC allowed an ETF linked to bitcoin to trade on October 19. ProShares Bitcoin Strategy ETF (BITO) became the first bitcoin ETF to change in the United States. VanEck is also set to launch its offering on Monday, October 25, the third of its kind in the country. But, with one exception- none has the approval to buy or hold Bitcoin directly.
All ETFs Are Bitcoin-Futures
However, the ETFs listed in America have all been bitcoin futures ETF. This means that they are funds invested into cryptocurrencies through trading contracts. These contracts are in one of America’s most popular trades, the Chicago Mercantile Exchange (CME).
Security Exchange Commission Chairman, Gary Gensler, has always maintained his stance. He said that an ETF based on Bitcoin derivatives could get approval in two months in early September. True to his words, investors are already having access to this innovative venture. Fast-forward a month, and three bitcoin futures ETFs are queuing for listing.
It’s been a wild ride for Bitcoin holders! The first bitcoin-linked Valkyrie Bitcoin ETF to list in the U.S. has just become… wait for it… the fastest ever to hit 1 billion dollars within one day of listing on Wall Street. This particular investment vehicle is now more popular than gold ETFs. Since the Gold ETF took three days to get there.