Just as cryptocurrency experts forecasted, Bitcoin Futures ETF is about to flood into the US market following the launching of ProShares Bitcoin Strategy ETF (BITO) on the New York Stock Exchange (NYSE), which raked in over $1 billion volume on the first day of trading. BITO is the first of its kind to launch in the US market, and the volume shows how significant the demand for Bitcoin is. 

Valkyrie Will Debut Second Bitcoin Futures ETF 

Meanwhile, the excitement in the Bitcoin market regarding this milestone product is only getting started, given the launch date for the second Bitcoin, Futures ETF has been confirmed. On Wednesday, a spokesperson for Valkyrie revealed that the firm would launch its ETF on NASDAQ beginning Friday. 

Valkyrie initially proposed the ticker: BTFD for its Bitcoin Futures ETF but was recently changed to BTF. Valkyrie is the third company that has gained approval from the Securities and Exchange Commission (SEC) to proceed with a futures-backed Bitcoin ETF, just after ProShare and VanEck. 

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More ETFs Underway

Such an ETF doesn’t directly invest in Bitcoin. However, it tracks the price movements of Bitcoin via futures contracts. It may not be the “pure Bitcoin ETF” everyone had expected, but a Bitcoin Futures ETF is a milestone and closest investment product that can provide investors exposure to the largest crypto asset in the form of an exchange-traded fund. 

As Blocdesk recently reported, the SEC takes a lighter regulatory stance on futures-backed ETF because it provides more protection to investors, according to the chairman Gary Gensler. Next week, precisely on Monday, VanEck will also launch its Bitcoin Futures ETF, which has a management fee of about 0.65%, about 0.3% less than Valkyrie’s. 

The price of Bitcoin soared above $60,000 the same day the first Bitcoin Futures ETF launched on the NYSE. This shows optimism from the side of investors regarding the future price of Bitcoin based on the ongoing events and ETF approvals from the US regulator. It remains to be seen how far Bitcoin can go with the launch of these ETFs.