Ethereum

Future

United

Spot

Earlier this week, investment asset management firm Valkyrie applied to the United States Securities and Exchange Commission (SEC) to <a href="https://www.sec.gov/Archives/edgar/data/1877493/000138713123009893/valkyrie-485apos_081523.htm" rel="noopener noreferrer nofollow">list Ethereum (ETH) Futures Exchange Traded Fund</a> (ETF). Based on the application, Valkyrie does not plan to make direct investments in Ether through the fund. Rather, it will explore the viability of purchasing a couple of ETH future contracts. 
In addition to the ETH futures investment which would be limited to 8,000 contracts per month, the ETF will make other investments in assets such as cash, cash-related instruments, or high-quality securities like bills, notes, U.S. government-issued bonds and many other financial vehicles. 
<h2 id="b-ethereum-use-cases-and-functionality-b">Ethereum Use Cases And Functionality</h2> 
The document stated that Ether could either be regarded as a currency or as a digital commodity based on its specific use in a transaction. It could also be utilized as a medium of exchange or even a unit of account.&nbsp; 
Although,&nbsp;“a number of large and small retailers accept ether as a form of payment in the United States and foreign markets, there is relatively limited use of ether for commercial and retail payments. Similarly, ether may be used as a store of value, […] although it has experienced significant periods of price volatility.” 
<h2 id="b-valkyrie-files-for-spot-btc-etf-b-span-style-font-weight-400-span">Valkyrie Files For Spot BTC ETF&nbsp;</h2> 
Markedly, this new filing with the SEC follows a previous proposal from the Delaware-based subsidiary of Valkyrie Investments Inc.&nbsp;to the regulator for a spot Bitcoin (BTC) ETF. After BlackRock with almost $10 trillion in assets under management (AUM) <a href="https://thecoinrise.com/blackrock-applies-for-spot-bitcoin-etf-with-sec/" rel="noopener noreferrer nofollow">filed for a spot BTC ETF</a>, a myriad of other asset managers <a href="https://thecoinrise.com/valkyrie-reapplies-to-u-s-sec-list-spot-btc-etf/" rel="noopener noreferrer nofollow">submitted a similar filing</a> and Valkyrie was one of them. 
Precisely, the Valkyrie BTC Fund intended to list shares on the Nasdaq exchange under the ticker BRRR.&nbsp;However, the SEC is yet to approve the application, just like all other spot Bitcoin ETFs.&nbsp; 
<h2 id="b-valkyrie-attempts-dual-etf-for-bitcoin-and-ether-b-span-style-font-weight-400-span">Valkyrie Attempts Dual ETF For Bitcoin And Ether&nbsp;</h2> 
Later, Valkyrie moved to <a href="https://thecoinrise.com/valkyrie-file-to-transform-its-btc-etf-into-bitcoin-and-ether-etf/" rel="noopener noreferrer nofollow">transform its BTC ETF to a dynamic dual ETF</a> that would encompass both Bitcoin and Ethereum. As two top cryptocurrencies, the combination of the strengths of BTC and ETH in a single ETF was decided upon to bring investors a streamlined and convenient investment option. 
The move, which is still scheduled for October 3rd, 2023, is billed to position Valkyrie ahead of the 13 other asset managers that have put their best foot forward for ETF dominance. 
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/asset-manager-valkyrie-applies-for-ether-future-etf-with-u-s-sec/">Asset Manager Valkyrie Applies For Ether Future ETF With U.S. SEC</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Asset Manager Valkyrie Applies For Ether Future ETF With U.S. SEC

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