Advertisement

Wall Street gets second bitcoin-related ETF -- and first on Nasdaq

Wall Street gets second bitcoin-related ETF -- and first on Nasdaq
The bitcoin logo is seen in New York City's Times Square. A second bitcoin-related ETF was set to debut on the Nasdaq composite on Friday. File Photo by John Angelillo/UPI | License Photo

Oct. 22 (UPI) -- Wall Street will see its second bitcoin-related ETF to begin trading on Friday.

The Valkyrie Bitcoin Strategy fund will start trading on the tech-heavy Nasdaq composite. Its debut comes two days after the first bitcoin ETF began on the New York Stock Exchange.

Advertisement

The new fund will trade under the ticker symbol "BTF."

The first, ProShares Bitcoin Strategy ETF, earned more than $1.1 billion in assets over the first two days of trading on the NYSE.

Bitcoin-related ETFs are viewed as a more convenient way for traditional investors to chase crypto market exposure from their brokerage accounts, according to Coindesk. A third bitcoin-ETF from VanEck will start trading next week.

Bitcoin soared to an all-time high of more than $66,000 on Tuesday after the debut of the first ETF.

Thomas Perfumo, head of business operations and strategy at crypto exchange Kraken, told Markets Insider that despite ProShares getting ahead start, it's not clear which ETF would make a greater impact.

"It's a very competitive industry -- when you think about a lot of ETFs," Perfumo said. "I don't know that first day, or first-mover, the advantage with respect to this type of bitcoin ETF structure is going to matter that much. Totally up in the air."

Advertisement

Latest Headlines

Advertisement
Advertisement

Follow Us

Advertisement