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Valkyrie plans strategic conversion for a Bitcoin and ether fund, files application 



An asset management firm, Valkyrie has filed to convert into a Bitcoin and Ether ETF on Oct 3rd. The firm’s proposed launch date is two weeks ahead of the launch schedule of other firms who filed the same. On the said date, Valkyrie’s fund name would change to Valkyrie’s Bitcoin and Ether Strategy ETF.

The firm’s move is simply changing the strategy of existing funds and not launching a new one. Valkyrie’s current fund operation revolves around Bitcoin allocating funds to Bitcoin futures contracts. Integrating Ether into their new offering would point towards a strategic move to establish a competitive edge. 

A top Bloomberg analyst Eric Balchunas reporting the filing by Valkyrie said something similar has happened with the first spot ETF. “We’ll see if this flies,” he said. Against the firm’s proposed date, the Bloomberg analyst said Valkyrie would probably wait till October like everyone else.

Valkyrie application is the number 14th filing in that category looking to convert $BTF into a Bitcoin and Ether Futures ETF, Balchunas stated.

The Valkyrie’s report came after the 13th entrant on the race by Kelvin Kelly’s firm, for Kelly Ethereum Ether Strategy ETF (EX), an application for Ether Futures ETF, reported by James Seyffart, also a Bloomberg official.

Valkyrie’s fund name is expected to continue trading on the Nasdaq stock market under the ticker symbol “BTF.”

In June, Valkyrie filed for a Bitcoin spot ETF, joining the growing list of applicants. The firm, Valkyrie Digital Assets filed an S-1 application form for a Bitcoin spot ETF on June 21, with plans to have its fund listed on the Nasdaq exchange under the symbol BRRR. 

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