Valkyrie Bitcoin Futures ETF Inspired by TradFi Memes

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After being initially mentioned in 2021, the investment fund is now taking advantage of the meme-worthy ticker symbol for its newly introduced leveraged Bitcoin ETF.

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In its most recent filing for futures-based exchange-traded funds (ETFs), Valkyrie is using a popular meme from the financial Twitter community, often referred to as “fintwit,” to attract attention and generate interest.

On May 16, the investment company filed a new application for a Bitcoin futures-based ETF, intending to have it listed on the Nasdaq exchange under the ticker symbol “BTFD.”

Valkyrie’s Bitcoin-focused funds do not directly invest in Bitcoin. Instead, they depend on Bitcoin futures traded on the Chicago Mercantile Exchange (CME). Bitcoin futures are contracts that allow investors to make predictions about the future price movements of Bitcoin. These contracts require the buyer to purchase or the seller to sell Bitcoin at a predetermined price on a specified future date. Unlike trading actual Bitcoin, where you own and hold the digital asset, Bitcoin futures allow traders to speculate on the price of Bitcoin without actually owning it.

The investment firm reportedly made changes to the suggestive ticker initially planned for the first fund in October 2021.

Unlike the firm’s existing block trading facility (BTF) fund, the newly proposed fund will provide leverage, enabling speculators to amplify their investment in the dominant cryptocurrency. The BTF is an actively managed ETF traded on Nasdaq, primarily investing in bitcoin futures contracts.

So far, there have been four different Bitcoin futures-based exchange-traded funds (ETFs) introduced to the market. The first one, called ProShares Bitcoin Futures ETF, was launched in October 2021.

The Securities and Exchange Commission (SEC) has rejected multiple attempts to introduce Bitcoin spot ETFs or funds that offer direct exposure to the primary cryptocurrency. The SEC cited concerns about possible market manipulation in the Bitcoin market as the reason for denial.

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Grayscale, a digital asset manager, is engaged in a lengthy legal dispute with the SEC as it aims to convert its struggling product, Grayscale Bitcoin Trust (GBTC), into a regular Bitcoin ETF. The investment firm criticized the SEC’s decision to approve futures-based ETFs instead of direct spot ETFs, considering it to be “illogical.”

In March, the judges overseeing the legal dispute between Grayscale and the SEC in the United States (U.S.) Court of Appeals for the D.C. Circuit stated that the SEC needs to offer a detailed explanation of its understanding regarding the relationship between Bitcoin futures and the actual price of Bitcoin.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.


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