A prominent asset management firm named Valkyrie has submitted an application to transform its existing Bitcoin investment fund into an innovative fund that will encompass investments in both Bitcoin and Ether.
The proposed conversion is scheduled to occur on October 3, 2023, as reported by Eric Balchunas, a Senior ETF analyst at Bloomberg.
Presently, Valkyrie’s fund primarily centers around Bitcoin and employs active management. It predominantly allocates funds to Bitcoin futures contracts. By integrating Ether into their new offering, the company aims to establish a competitive edge. They plan to launch their fund strategically two weeks prior to similar offerings by other firms.
This development aligns with ProShares and Bitwise, both of which are seeking approval from the U.S. Securities and Exchange Commission (SEC) for funds that involve investments in both Bitcoin and Ether. Furthermore, there have been ten prior applications related to funds featuring Ether futures contracts.
Experts within the industry anticipate that the combined Bitcoin and Ether strategy ETF could unlock substantial investment opportunities for both individual and institutional investors. They foresee the potential for growth in the future value of both cryptocurrencies.
Also Read: SEC Greenlight Valkyrie Bitcoin ETF Proposal for Review
