Hot on the heels of the Proshares Bitcoin Futures ETF that went live yesterday, Bloomberg has reported that the Valkyrie Bitcoin Strategy ETF may commence trading as early as next week. Much of the focus on Twitter has been directed towards the ticker symbol, which in an apparent nod to the community, mysteriously changed from $BTF to $BTFD, or ‘buy the f*cking dip’.
Ticker Symbol Change – Intentional?
In August this year, Valkyrie Funds applied for an ETF but notably omitted a ticker symbol at the time:
Then just yesterday, Bloomberg ETF correspondent Eric Balchunas tweeted an image of Valkyrie’s application saying that listing on the NASDAQ with the ticker symbol $BTF appeared imminent:
Then, strangely without explanation, the ticker symbol appeared to be changed to $BTFD, which was spotted by eagle-eyed investors watching Bloomberg’s terminal:
Is this some sort of cruel joke or a smart route to win over sceptics? Probably the former, but we won’t know until it is actually listed.
Valkyrie ETF, Also Futures-Based
The Valkyrie ETF is much like the Proshares ETF in the sense that it is futures-based, not based on the spot price of bitcoin.
If listed this week, the Valkyrie ETF would successfully have managed to skip a growing queue of applicants, largely on account of it being a first-time issuer. This appears to align with a statement by NASDAQ.
A list of outstanding ETF applications was published some time ago by Bloomberg and it will be interesting to see how many of these are approved this month.
In any event, the real celebrations by Bitcoiners, if any, are likely to be reserved for when a true spot bitcoin ETF is approved.
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