Ethereum changed its logo, but ETH woes continue since PoS fork
Ethereum celebrated its 8th birthday with all sorts of talk around its new logo. With the rising fascination in cryptocurrency sweeping the nation, Valkyrie Investments has emerged victorious in introducing the first-ever exchange-traded fund (ETF) featuring ethereum futures. This is not just a game-changer; it’s a whole new ballpark!
Originating from the music city itself, Nashville-based Valkyrie isn’t a newbie on the block. They’ve already gained acclaim for their top-of-the-charts Bitcoin Mining ETF. Now, they’re setting the pace in the mainstream adoption of digital assets in the U.S. But is there a reason to believe the logo of the past may point to the current problems of the present? Let’s take a dive into the logo and beyond, as we explore the PoS fork.
Why ETFs and Why Now?
While you can snag your digital tokens directly from crypto exchanges, there’s an ongoing beat for increasing retail participation in crypto through ETFs. Why? They trade on major platforms like the Nasdaq and the New York Stock Exchange, bringing crypto closer to the everyday investor.
The Securities and Exchange Commission, with its charismatic leader, Gary Gensler, has played it cool with the growing clamor for more crypto ETFs. Until now, only a select group of companies are dancing to the tunes of digital asset investing, and Valkyrie is leading the groove.
Apart from Valkyrie, the stage is set for other performers like VanEck, Grayscale Investments, and Bitwise. Powerhouses such as BlackRock and Fidelity are also tuning their instruments to venture further. The end goal? A spot Bitcoin ETF giving access to Bitcoin’s current price. It’s the golden ticket for a broader audience.
What’s the SEC’s Jam?
Despite the enthusiasm, the SEC remains the discerning music critic. They’ve been hesitant in endorsing any spot ETF, as this means embracing cryptocurrency fully into the mainstream. For now, the glitz and glamour of Bitcoin futures trading are reserved for the VIPs – the accredited investors.
There’s a plot twist! Valkyrie is jazzing things up by morphing its Bitcoin futures ETF into a combined fund featuring both bitcoin and ether futures. Renaming it as Valkyrie Bitcoin and Ether Strategy ETF, it promises to be the next big hit on the charts!
The world of finance and regulations is no stranger to dramatic pauses. Earlier this week, the SEC hit the pause button on some major launches, including one by tech magnate Cathie Wood. And while the SEC continues its introspective solos, many are left waiting in anticipation.
From ETF Drops to Government Stops
Hold onto your concert tickets! Due to potential government shutdowns, Valkyrie had to fast-track its ETF showcase. If agreements aren’t made in Congress soon, we could see a massive backstage frenzy, with many federal workers left out of the limelight.
With this pioneering move by Valkyrie, the future of digital assets looks more vibrant than ever. As Valkyrie’s Chief Investment Officer, Steven McClurg, puts it, the interest in digital assets is on a crescendo. Will this be the year cryptocurrency becomes the star of the financial world yet again?