While the price of Bitcoin rose above $63,000 during the launch of ProShares’ Bitcoin Strategy ETF, it dipped under the price level today to hit the $61,000s.
The second Bitcoin (BTC) futures-linked exchange-traded fund in the United States began trading on the Nasdaq, opening at a price of $25.52 per share.
According to the Nasdaq, digital asset manager Valkyrie’s Bitcoin Strategy ETF, the second exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $25.52 per share of BTF before dropping 3.3% to reach $24.66 at the time of publication. The exchange-traded fund is aimed at tracking the value of BTC futures listed on the Chicago Mercantile Exchange, or CME.
“This Bitcoin Strategy ETF is a major leap forward for this asset class,” said Valkyrie CEO Leah Wald. “It enables investors to participate in the digital asset markets through a regulated, transparent product that trades on a trusted, reliable exchange and can be bought and sold as easily as any other investment currently available.”
The crypto fund on a major stock exchange is the second to launch this week following ProShares’ Bitcoin Strategy ETF opening for trading on the New York Stock Exchange on Oct. 19. In less than a week, the fund has reached more than $1 billion in assets under management in addition to approaching the limit on the number of futures contracts allowed under the CME.
The Securities and Exchange Commission first accepted the registration request for Valkyrie’s ETF on Oct. 15 shortly after doing the same for shares of ProShares’. The regulatory body still has several crypto ETF applications under consideration, and has only approved ones with exposure linked to BTC futures.
According to data from Cointelegraph Markets Pro, the price of Bitcoin rose above $63,000 for the first time in months following shares of ProShares’ ETF opening for trading on Oct. 19, later reaching an all-time high price approaching $67,000. Today, the price dipped more than 3% following markets opening, dropping from $63,449 to as low as $61,437.