Asset management firm Valkyrie has stepped up to offer exposure to Ether futures to United States investors. This move comes amidst ongoing delays by the SEC (Securities and Exchange Commission) on the spot Bitcoin ETF (exchange-traded fund). Promising an accessible route to both ETH and BTC futures ‘under one wrapper’, Valkyrie seems to be navigating through unchartered territory marked by numerous pending applications.
By Oct 3, Valkyrie plans to rename its Bitcoin Strategy ETF as Valkyrie Bitcoin and Ether Strategy ETF. Currently, the SEC has not given a thumbs-up to any rule change accommodating such an Ether futures ETF listing on Nasdaq. Meanwhile, the Commission has commanded ‘additional analysis’ concerning Valkyrie‘s Bitcoin Fund, a spot BTC ETF.
Valkyrie had, in August, put forth an application to the SEC, not seeking direct investment in Ether, but via ETH futures contracts. The company also has a Bitcoin Miners ETF designed to track the shares of businesses earning revenue or profits from cryptocurrency mining. It stood among the pioneers in the U.S to kick start an ETF tied to BTC futures in 2021.
While the SEC keeps the spot crypto ETF approval in abeyance, there is an expectancy in some circles that Grayscale Investments’ triumphant review of its spot BTC ETF in appellate court could trigger a shift in the SEC’s position. Valkyrie, along with several firms such as BlackRock, now await a concurrence for spot crypto ETFs.
Even as optimism deaths, some of the limelight has been stolen by Ripple’s recent U-turn on the acquisition of Fortress Trust. The proposed move was designed to broaden Ripple’s license pool in the U.S. However, Ripple declared its decision not to proceed further with the acquisition, while keeping its ownership in Fortress Trust’s parent company, Fortress Blockchain Technologies, intact.
It’s noteworthy that Swan Bitcoin is leading a parallel move — allied with BitGo, it aspires to set up a Bitcoin-only Trust company in the U.S, subject to regulatory approval. Fortress Trust serves a critical role here, managing records for Swan. With Ripple’s retreat from Fortress, Swan has acquired a lesser degree of involvement in Ripple’s U.S presence.
As the crypto world keeps spawning intriguing narratives, the landscape continues to be molded even as you read this. It’s hard to make any assertion of what’s to come next, but one point is for sure — the adoption and acceptance is only accelerating.
Source: Cointelegraph
