In its latest futures-based exchange-traded fund (ETF) filing, Valkyrie Funds utilizes one of the popular memes from the financial Twitter community, known as “fintwit,” to capture attention and interest.
On May 16, the investment firm submitted a new application for a Bitcoin (BTC) futures-based ETF to be listed on the Nasdaq with the ticker symbol “BTFD.“
Both of Valkyrie’s Bitcoin-centric funds do not have direct exposure to Bitcoin itself; instead, they invest in Bitcoin futures traded on the Chicago Mercantile Exchange. Bitcoin futures are financial contracts that allow investors to speculate on the future price movements of Bitcoin. These contracts obligate the buyer to purchase or the seller to sell Bitcoin at a predetermined price on a specific future date. Unlike trading Bitcoin — which involves owning and holding the digital asset itself — Bitcoin futures enable traders to speculate on the price of Bitcoin without directly owning it.
Initially intended for the first fund, the suggestive ticker was reportedly modified by the firm in October 2021.