As per industry developments, Valkyrie, an asset management firm, has instituted a certain detour of strategy, refraining from preemptive Ether futures contract purchases in favor of awaiting official sanction for an exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). This signifies a shift from an earlier plan specified in the firm’s notification to the SEC that had charted a route of advance purchases prior to the launch of a combined Bitcoin and Ether Strategy ETF, that was scheduled for the first week of October.
This restructuring of priority, stipulated in a filing on Sept. 29, raises intriguing questions. Suspicions suggest that the aversion from Ether purchases until the ETF’s investment strategy reflects ETH futures contracts may be indicative of external pressure, possibly from the SEC. However, Valkyrie did not comment or clarify their sudden shift of strategy within such a narrow timeframe.
It should be noted that Valkyrie had previously filed with the SEC for listing an Ether futures ETF on the Nasdaq Stock Market back in August. The regulator, however, is yet to reach a verdict on a proposed rule change sanctioning the investment vehicle. It may be possible that this delay in decisiveness has had a role to play in Valkyrie’s revised strategy.
One cannot overlook the time frame of events. On the day before the SEC postponed its decision on Valkyrie’s spot BTC ETF proposal, Valkyrie made the announcement of its new strategy. The delay from the SEC also affected proposals from other financial entities such as BlackRock, Invesco and Bitwise. An explanation that merits thought is that this collection of SEC delays were precautionary measures undertaken to safeguard against a possible shutdown of the U.S. government.
Yet, this change on part of Valkyrie cannot be deemed as a total setback for crypto investments. The beginning of October is set to witness the anticipated trading of several ETFs offering exposure to Ether futures, courtesy of financial companies like VanEck, Bitwise, and ProShares. The dynamism and adaptability of this new industry and consequently its devotees is truly engaging and is primed to keep investors on their toes.
Source: Cointelegraph
