Valkyrie launches 2x leveraged bitcoin futures ETF

Valkyrie launched a new bitcoin leveraged product on Thursday that aims to provide two-times the daily performance of a bitcoin futures index, marking its stake in bitcoin leveraged products.

The fund, called the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX), is a leveraged bitcoin futures ETF that seeks to provide "two-times the daily performance of the Index, which is designed to measure the performance of the CME Bitcoin Futures market and is rolled on a scheduled basis," Valkyrie said in a statement.

This comes a month after the SEC approved a slew of spot bitcoin ETFs, including ones from Valkyrie, BlackRock and Grayscale — years after the crypto industry first started to try to get one approved. 

“The launch of BTFX represents our commitment to bringing investors innovative options for accessing Bitcoin and the digital asset ecosystem as a whole,” said Leah Wald, CEO of Valkyrie in a statement. “With Bitcoin so much in the focus right now, traders and investors are looking at how they can use financial instruments to tap into this space, and as a leader in digital-asset-focused ETFs, we wanted to be sure we provide them with a great fund.”

Joining the ranks

The new fund will compete with Volatility Shares 2x Bitcoin Strategy ETF, or BITX, said Bloomberg senior ETF analyst Eric Balchunas, in a post on X on Thursday.

"Valkyrie is launching a 2x Bitcoin Futures ETF today $BTFX which will compete with $BITX which has $350m already. That said, there's like 15 leveraged spot btc ETFs in registration, one or two of which will prob take off and make it tougher for the futures ones," Balchunas said.