At least four asset managers have filed for ETFs that invest in bitcoin futures after Securities and Exchange Commission chair Gary Gensler earlier this month indicated that he could approve such funds. But investors may not want them in lieu of physically backed bitcoin ETFs, analysts have said.
Valkyrie Investments is the latest fund shop to throw its hat into the ring with the futures-focused Valkyrie Bitcoin Strategy ETF, which it disclosed plans for last week.
The ETF will not directly invest in bitcoin but will instead purchase bitcoin futures contracts. As the contracts approach expiration, they will be replaced by similar ones that have later expiration dates, according to the filing.
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