(Bloomberg) -- The second futures-backed U.S. Bitcoin exchange-traded fund began trading Friday, three days after the hugely successful launch of the first such investment product.

The Valkyrie Bitcoin Strategy ETF -- trading under the ticker BTF -- rose to $25.30 from its inception price of $25 as U.S. trading kicked off. More than 400,000 shares changed hands worth $10 million within the first five minutes. Bitcoin, meanwhile, added 1% to trade at about $63,325 after reaching an all-time high of just under $67,000 on Wednesday. 

The bar is high for Valkyrie after the Tuesday debut of the ProShares Bitcoin Strategy ETF (ticker BITO), which ranked as the second-busiest launch ever, taking assets in the fund over $1 billion in just two days. The field could get crowded quickly: VanEck’s pending Bitcoin Strategy ETF (ticker XBTF) could come to market as soon as next week, carrying a management fee 30 basis points cheaper than the ProShares and Valkyrie funds.  

“The market can handle a lot of different issuers’ products and we very much welcome the competition -- obviously, we’re coming in second to market here but we’re very excited,” Leah Wald, Valkyrie Funds CEO, said in a Bloomberg Television interview Thursday, adding “we wish our competition luck.”

Booming demand has quickly become a problem for BITO, which is bumping up against the limit on the number of front-month futures contracts it is permitted to hold by the Chicago Mercantile Exchange, according to data compiled by Bloomberg. That could be a potential issue for Valkyrie’s fund as well, which also holds short-term Bitcoin contracts. 

The U.S. Securities and Exchange Commission allowed the futures-focused ETFs to go forward after Chair Gary Gensler said they provided significant investor protections. The agency has rejected all applications for funds investing directly in the world’s largest cryptocurrency. 

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