- Valkyrie Bitcoin and Ether Strategy ETF, is expected to launch on Monday
- Competing investment managers VanEck and ProShares will launch exclusively ether futures
After receiving approval from the US Securities and Exchange Commission (SEC), investment manager Valkyrie Funds LLC has started adding Ethereum futures to its current Bitcoin futures exchange-traded fund (ETF), Reuters reported.
The fund, which was renamed Valkyrie Bitcoin and Ether Strategy ETF, is expected to launch on Monday, according to chief investment officer Steven McClurg.
First ether-based futures available to investors
In what’s going to be an uptick for the crypto industry, this marks the first time investors can access futures based on Ethereum or “ether” contracts via an exchange-traded fund.
Competing investment managers VanEck and ProShares will launch exclusively ether futures ETFs, unlike the combined Valkyrie ETF. The SEC has also approved VanEck and ProShares’ products, which are expected to launch on Monday.
A ProShares spokesman told Reuters that “no one is in a position to launch ahead of us,” but did not provide specific details on timing.
On Thursday, VanEck stated that its fund would launch in the near future, but declined to comment further.
A boost for the industry
The SEC’s decision to allow ether futures ETFs is a boost for the crypto market, which has been pushing the regulator to expand the types of crypto ETFs that can be offered. A number of companies have applied to launch spot bitcoin ETFs.
Ether prices is rising on the news
Media reports that the SEC is about to approve ether futures ETFs seem to be boosting ether’s price. It was relatively flat over the past month, but it has increased by almost 6% this week.
According to Steve Sosnick of Interactive Brokers, it’s not clear whether the increase is due to traders buying in anticipation of future trading or early buying in Valkyrie ether futures.
