Asset management powerhouse Valkyrie has reportedly submitted an application to the United States Securities and Exchange Commission for an Ether futures ETF. This move is seen as an expansion of the firm’s investment strategy which previously targeted a Bitcoin futures ETF, aligning with regulatory guidelines.
What does the Application Entail?
The application outlines that the proposed fund will not invest in Ether directly. Instead, it will aim to acquire a series of Ether futures contracts. Ether, as many will know, is the intrinsic token of the Ethereum blockchain, serving as a medium for peer-to-peer transactions within the decentralized network.
“Ether may be viewed as a digital currency or commodity, based on its specific use in individual transactions. It can serve as a medium of exchange or unit of account,” the document elaborates, adding that “despite a number of large and small retailers accepting ether as a form of payment in the United States and abroad, its use for commercial and retail payments remains relatively limited. Similarly, ether can be seen as a store of value, though it has witnessed significant periods of price volatility.”
What does this mean for Valkyrie?
Valkyrie’s move to file for an Ether futures ETF is seen as a strategic addition to their previous filing for a name/strategy change of $BTF to Bitcoin + Ether Futures. This could be an attempt to gain an early advantage in the market. However, it is unclear whether the SEC will allow this maneuver.
Keeping an Eye on the Story
This story is still developing, and more information will be provided as it becomes available. Keeping track of the evolving world of cryptocurrency can be challenging, but tools like cryptoview.io can help simplify the process by providing a comprehensive view of your crypto assets all in one place.
