Valkyrie's Bitcoin ETF Launches On Nasdaq

The Valkyrie Bitcoin Strategy ETF BTF launched today, giving U.S. investors another Bitcoin BTC/USD futures-based exchange-traded fund (ETF) to choose from.

What Happened: Nasdaq market data confirmed the launch, which the firm announced earlier today. The fund is backed by the Chicago Mercantile Exchange's (CME) Bitcoin futures.

Tim McCourt, the global head of equity index and alternative investment products at CME, said the approval of Bitcoin ETFs is a "positive development" and it shows "the strong growth and client demand for exposure to Bitcoin."

He also believes this is “an important milestone for crypto derivatives, and will be highly complementary to futures, creating new opportunities for a broad array of institutional and retail investors."

The report follows the first Bitcoin ETF, ProShares Bitcoin Strategy ETF BITO, being launched on the New York Stock exchange on Oct. 19, shortly before Bitcoin hit new all-time highs.

BTC Price Action: CoinMarketCap data shows that as of press time Bitcoin is trading at about $61,000 after seeing its value fall by about 3.4%.

Photo: Francois Mckenzie via Unsplash