Valkyrie is the latest issuer jumping on the Bitcoin-themed ETF bandwagon

Valkyrie is the latest issuer looking to launch a Bitcoin-themed ETF. The company wrote in a U.S. Securities and Exchange Commission filing that it plans to soon launch the Valkyrie Bitcoin Strategy ETF, an actively managed fund that has not been given a formal ticker symbol yet. The fund “seeks to achieve its investment objective by investing all or substantially all of its assets in exchange-traded futures contracts on Bitcoin.” As with other Bitcoin strategy funds, the new Valkyrie ETF won't directly hold Bitcoin, as that's not yet allowed by the SEC. Instead, it will use Bitcoin futures to give investors exposure to the popular cryptocurrency. ETF issuers have been piling into this new approach ever since ProFunds recently launched the first Bitcoin mutual fund, which also uses crypto futures to get around SEC rules banning outright Bitcoin holding by funds. Since then, Invesco, ProShares, VanEck and other firms have all filed plans to launch Bitcoin Strategy ETFs.