Eric Balchunas Confirms Valkyrie Bitcoin Strategy ETF Trading Commencement on Friday

Sahaj  |  Oct 21, 2021

Eric Balchunas, a senior ETF analyst at Bloomberg, has recently confirmed that the Valkyrie Bitcoin Strategy fund is about to launch on Friday after initially releasing a statement that it would begin trading today. The ETF is all set to start trading on the NASDAQ on October 22, Friday, just after the launch of the BTC futures fund.

Eric Balchunas of Bloomberg Reveals Details Related to Valkyrie Bitcoin Strategy ETF

The senior ETF analyst said that the firm has changed its ticker symbol from BTFD to BTF, and commented that the Securities and Exchange Commission (SEC), probably was not a fan of the former. 

Later on, one of the representatives of the company confirmed to Bloomberg that the ETF is indeed all set to be launched on Friday.

As revealed, similar to the ProShares, the Valkyrie product will not be investing directly in BTC but will be seeking to purchase a number of BTC futures contracts. 

This will be making sure that the total value of BTC underlying the futures contracts held by the fund is as close to 100% of the net assets as possible.

Balchunas Compares Bitcoin to Gold

Eric Balchunas compared Bitcoin to gold and shared a comment revealing that it was poetically appropriate that a BTC fund should beat it. He added:

“$BITO assets up to $1.1b after today, making it the fastest ETF to get to $1b (2 days) breaking $GLD’s 18yr old record (3 days), which is poetically apropos. I’ve never seen anything like this. I bet ProShares is even shocked.”

As witnessed, Bitcoin prices have rallied to an all-time high on the back of the bullish momentum. On October 20, Bitcoin managed to touch over the mark of $67K.

It should be noted that since then, the price of cryptocurrency retreated slightly to being traded at the mark of $65K at the time of writing this article.

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