Scott Minerd and Howard Marks on Crypto
The second-ever U.S. Bitcoin futures exchange-traded fund is set to launch on Friday.
The Valkyrie Bitcoin Strategy fund will begin trading on the Nasdaq exchange tomorrow, a spokesperson for the company said. The firm planned to trade under the ticker BTFD, but changed back to the originally planned BTF, according to the spokesperson.
The fund will follow the wildly successful debut of the ProShares Bitcoin Strategy ETF (ticker BITO), which accumulated more than US$1.1 billion in assets in just two days of trading. BITO ranked as the second-busiest launch on record, with nearly US$1 billion in turnover.
The enthusiasm surrounding U.S. Bitcoin ETF launches has helped fuel the world’s largest cryptocurrency to an all-time high, with Bitcoin nearing US$67,000 on Wednesday. That rally cooled Thursday, with prices dropping about 2 per cent to US$64,561.